In the 1970s, the government placed price ceilings on gasoline prices. A shortage of gasoline occurred, and long lines formed at the pumps. Some gas stations required that in addition to paying the price on the pump you had to buy a blank will. The action of having to purchase the will in order to purchase gas is known as
A) a surplus.
B) a price support.
C) the price system.
D) a black market.

Question

Quizplus · Accepted Answer

The action of requiring customers to purchase a blank will in order to purchase gas is indicative of a black market, where goods are exchanged illegally due to shortages or price controls.

In the 1970s, the Government Placed Price Ceilings on Gasoline