Gasoline rationing, Microeconomics

Gasoline Rationing

- In the year 1974 and again in the year 1979, the government imposed price controls on gasoline.

- This resulted in scarcity and gasoline was rationed.

- Non-price rationing is the alternative to market rationing.

- Under one form everyone has an equal chance to purchase rationed good.

- Gasoline can be rationed by long lines at the gas pumps.

* Rationing hurts some by limiting the amount of gasoline they can buy.

* This can be seen in the model given below.

* It applies to a woman having an annual income of $20,000.

761_gasolone rationing.png

Posted Date: 10/10/2012 6:41:50 AM | Location : United States







Related Discussions:- Gasoline rationing, Assignment Help, Ask Question on Gasoline rationing, Get Answer, Expert's Help, Gasoline rationing Discussions

Write discussion on Gasoline rationing
Your posts are moderated
Related Questions
Describe Dalton''s law of partial pressures, specification of Dalton''s law of partial pressures, Dalton''s law states that, at a given known temperature total pressure exerted b

the existance of a labor marketcharacterised by perfect competition is a fallacy.discuss


At what point is the Fed likely to raise interest rates for the first time? How large are the first couple of hikes likely to be? (hints: conditional on unemployment or gdp growth

why is normal rate of return on capital included in the total cost and what implication does it have

The Production Possibilities Frontier (PPF) The PPF curve exhibits the probable combinations of goods and services accessible to an economy, given that all productive resources

"Take a monopolist with a constant average cost. The higher is the elasticity of demand at the chosen monopoly price, the higher is the monopolist's profit-to-revenue ratio." Expla


How does the approach of someone who has adopted the precautionary principle differ from someone with a blind faith in substitutability, when it comes to a non-renewable resource l

Rational Expectations- Inflation Unemployment Trade-off : Now, consider what happens if we suppose that workers have rational expectations about the rate of inflation First, th