Because of Price Controls in the Former Soviet Union, People

question 116

Multiple Choice

Because of price controls in the former Soviet Union, people often waited in long lines for food and other necessities. Modern economic theory would indicate that, relative to price rationing, waiting in line is

• A) just as efficient.
• B) less efficient because the time spent waiting in line imposes an opportunity cost on the buyer that does not generate revenue for the seller.
• C) more efficient since waiting in line reduces the transaction costs of purchasing goods.
• D) more efficient since waiting in line reduces the cost of the goods to the consumer.

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