rationing

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Related to Wartime rationing: Ration book, Food 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 periodicals archive ?
7 -- 8 --color) Gilbert Adrian's tailored worsted wool suit from the 1940s, right, reflected the wartime rationing of fabric, while the '20s presented more of a feminine flair as seen in this sequined dress by Jeanne Beckers, below.
In a lengthy chapter on wartime rationing of meat and sugar, she explores metaphorical linkages with these two commodities, suggesting that in North America and other societies, meat has commonly been identified with min, and sugar with women.
Schuster's testimony illustrates that wartime rationing was based upon widely-accepted notions of civilian sacrifice and military reward.
Meanwhile, back in Washington, Leon Henderson, price administrator and manager of wartime rationing, announced that rationing of tires for ordinary motorists would begin in the new year.
The end of wartime rationing heralded a triumph of mediocrity.
The couple were married on July 19, 1947 in one of the first white weddings Middlesbrough had seen for years because of wartime rationing.
Back in 1948, London was still in the grip of wartime rationing, building materials were scarce and the city still bore the scars of bombing raids.
Wartime rationing had been introduced to ensure everyone got their fair share and the government encouraged everyone to grow their own vegetables.
According to records of wartime rationing, there were 100,000 vegetarians registered in 1945.
John and Harriet Storm can remember when wartime rationing meant women painted their legs with colored lotion for lack of hosiery, and the government decided how much each citizen was entitled to in meat, butter, gasoline and even bicycles.

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