There is no better price rationing device than the market system

The idea of "willingness to pay" means that as prices rise, lower-income people are prevented from buying a good.

The problem with the market mechanism is that sometimes it is impossible to find a price that will clear a market.

Very often, attempts to distribute costs and benefits among households result in unintended outcomes.

When price is above equilibrium price, quantity supplied is greater than quantity demanded.

The result of a price ceiling is that quantity supplied will be greater than quantity demanded.

Queuing means waiting in line.

Black markets are a means of reestablishing market rules once markets are declared illegal.

A ban on imported oil means that consumers will pay less and consume more oil than before.

Prices determine the allocation of resources.