7/30/2017 4:16 PM -Refer to Situation 4-1.Because Price Controls Were in Effect at Controls

Multiple Choice

7/30/2017 4:16 PM

-Refer to Situation 4-1.Because price controls were in effect at the time the embargo occurred,an economist would have most likely predicted that

A) the number of dollars one would need to pay at the pump (legally) for a full tank of gasoline would increase sharply.
B) the number of dollars one would need to pay at the pump (legally) for a full tank of gasoline would decline sharply.
C) nonprice-rationing devices,such as long waiting lines and black markets,would appear.
D) a surplus of gasoline would result.