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Which of the following was an effect of the price ceiling placed on gasoline in the United States in ...

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Which of the following was an effect of the price ceiling placed on gasoline in the United States in ...

Which of the following was an effect of the price ceiling placed on gasoline in the United States in the 1970s?

▸ Those who valued gas the most were able to buy gas under the price ceiling.

▸ The inventory of unsold gas increased, and gas stations incurred losses.

▸ Car owners started buying luxury cars that were less fuel efficient as the price of gas was very low.

▸ Gas stations ran out of gas as the quantity of gas demanded exceeded the quantity supplied.

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Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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