6. To get a hot new toy for their kids, a mob of parents race into a store and pushand cheeach other to get to the toy aisle first. The strongest and fastest parents grab all theavailable toys before the slower parents can reach the aisle. Which allocation strategydoesthis scenario demonstrate?A. lotteryB. sharingC. force *D. authority

Answered: 6. To get a hot new toy for their kids,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6. To get a hot new toy for their kids, a mob of parents race into a store and pushand che
each other to get to the toy aisle first. The strongest and fastest parents grab all the
available toys before the slower parents can reach the aisle. Which allocation strategydoes
this scenario demonstrate?
A. lottery
B. sharing
C. force *
D. authority

Expert Solution

Step 1

Lottery type allocation is that in which we allocate scarce resources in a random manner. In the case of sharing, the scarce resources are shared between individuals. There can be a separate type where the authority makes decisions about the allocation of resources. Another type of allocation strategy can be of force type, where we forcefully allocate the scarce resources among the individuals.

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