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Unformatted text preview: x 1974 OPEC imposed oil embargo on US x Supply shock x Congress imposed a price cieling on the price of gasoline x Result: long lines and shortage of gasoline Ways to beat a cieling 1. Queuing be first in line 2. Favored customers bribe the retailer 3. Ration coupons buy coupons from friends Page 40...
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- Fall '10