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Fig. 165 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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
The inflation, not the war or revolution, terminated wartime rationing in Germany.(72) Despite all the deprivations they suffered during the war, citizens reported that really hard times for most of them set in after the armistice and continued until 1923, when postwar inflation ended.
The centenarian cites "moderation in all things" as the secret to a long life, and says wartime rationing played its part in getting him to his milestone birthday.
A 92-YEAR-OLD from Coventry who used a shotgun to hunt rabbits during wartime rationing has handed the weapon over to police 70 years on.
Like older generations who lived through wartime rationing and can't abide waste as a result, no-one who followed English cricket between 1989 and 2005 will ever pass up the opportunity to feel smug at the Australians.
He said: "Far from 'all being in it together', the rich are getting richer while working families are taking the biggest hit on their standards of living since wartime rationing."
Finally, one private courageously said "The dining hall is serving us bad meat, sir." The general replied, "Go pick up your corporal's stripes, son." An investigation revealed the post commander was selling the high-quality army-supplied meats on the black market (for people trying to get around wartime rationing).
Wartime rationing, the Utility Clothing Scheme and a call for everyone to make do and mend also threatened to extinguish any hope fashion-conscious women had of maintaining a glamorous facade in the face of adversity.
The tables are decorated with flowers and each person has his own menu, however with wartime rationing in full swing it is unlikely that a banquet was about to be served.
All of this was illegal at a time when everyone, including Bevan's Ebbw Vale constituents, was still subject to the austere wartime rationing regime that was not finally abolished until 1954.
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.
At the 1940s farm wartime rationing means the 'farmer's wife' will be cooking from the Durham Wartime Cookery Book and attempting to turn limited ingredients into tasty meals.
d." During the days of wartime rationing, people ate what they could get.

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