Ultimately, repealing the price controls on gasoline and oil:
A) led to permanently higher gasoline prices.
B) led to a higher supply of gasoline and lower prices.
C) was disastrous since the market collapsed due to a lack of government regulation.
D) was not able to eliminate the shortages of gasoline in the United States.

Question

Quizplus · Accepted Answer

Repealing price controls allowed the market to adjust naturally, leading to an increase in supply and a decrease in prices as producers were incentivized to produce more.

Ultimately, Repealing the Price Controls on Gasoline and Oil