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...
View Full Document
- Fall '10
- Supply And Demand, OPEC, list price