Gas lines were the result of

Question

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Gas lines were the result of price ceilings, which are government-imposed restrictions setting a maximum price that a producer can charge for a good or service. When price ceilings are set below the equilibrium price (where supply and demand intersect) it creates excess demand, leading to shortages and long lines of consumers waiting to purchase the product at the artificially low price. This is what happened during the gasoline crisis of the 1970s, which led to long lines at gas stations due to the government-imposed price ceilings on gasoline, causing shortages and rationing.

Gas Lines Were the Result of