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 In the 1970s, there was a shortage of gasoline due to (depending upon whom you believe) OPEC restricting crude

oil output and/or government imposition of price ceilings. These price ceilings "prevented" gas stations from charging above a certain price per gallon for gasoline. To "control" the crisis, laws specified that you could only buy gas on certain days, or you could only buy a certain number of gallons. People waited in line for hours for the chance to buy gasoline. The price ceilings intended to keep the price of gasoline low; how can you argue that, despite the price ceiling, that the cost to purchase gasoline was still high?

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This simply because the demand for the gasoline is very very High or one... View the full answer

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