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When markets and prices are used to allocate, or ration, goods, services, and resources; the allocation is determined primarily by:

Sagot :

The willingness and ability to pay the market price; allocation is done not only by the ability but also the willingness to buy the product i.e. has a demand for the product .

More about demand:

The quantity of a good or service that consumers are willing and able to purchase at a specific price within a specific time frame is simply referred to as demand. In order to fulfill their needs for things like food, healthcare, clothing, entertainment, shelter, etc., people demand commodities and services from an economy.

The demand for a good or service depends on two factors: (A) its utility to satisfy a want or need, and (B) the consumer’s ability to pay for the good or service. In effect, real demand is when the readiness to satisfy a want is backed up by the individual’s ability and willingness to pay.

Learn more about demand here:

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