rationing

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Fig. 165 Rationing.

rationing

a physical method of allocating a product that is in short supply relative to demand (EXCESS DEMAND). In a free market this situation would not arise - the excess demand would be ‘choked off and additional supply encouraged by an increase in the price of the product (see EQUILIBRIUM MARKET PRICE). But if the price is fixed below its equilibrium rate (for example, by the government wishing to hold down the prices of key products such as food), the use of ration tickets provides one practical means of allocating the available supply between consumers on an equitable basis.

In Fig. 165, for example, if the price of a product is fixed by the government at Or, then it is necessary to ration the amount of output that producers are willing to supply, OQr, at this price amongst consumers who are demanding the greater amount of OQs. See also BLACK MARKET, PRICE CONTROLS.

References in classic literature ?
They were not too abundantly provisioned, and they were put on short rations, and for all the thick garments they had, they were but ill-equipped against the piercing wind and inhospitable violence of this wilderness.
Several times the Prince grew angry; once with a man who was working slowly, once with a man who stole a comrade's ration.
A dainty eater, he found that his mates, finishing first, robbed him of his unfinished ration.
Besides the energy and protein requirements of poultry feed rations, there are other equally important nutrients and parameters necessary to translate the science of feed formulation into the art of feeding chickens," I told the farmers who attended training on my farm recently.
the current annual consumption volume of the 24-hour gp ration is circa 1 500 000 rations.
Jharkhand Food and Supply Minister Saryu Rai said "I have clearly instructed, along with the copy of Supreme Court's order, that those who do not have the Aadhaar card, they will also get rations.
Experimental rations were composed of concentrate and clover hay in a 60:40 concentrate: roughage ratio.
This was apparently because rations ensured everyone had access to a varied diet with enough vitamins.
ACCORDING TO AN ARTICLE in the Ottawa Sun, the Canadian Combat Rations Program announced additions to the Individual Ration Pack this year.
Spam became a favourite in 'Ration Book Britain', while rabbit and horse might appear on the weekly menu to augment the meagre meat rations Many shops opened for only two or three days a week.
vigorously denied that the United States rations health care or that
The government is considering an increase in citizens' cash allowance for rations, Minister of Supply