If a Price Ceiling on Gasoline Results in Long Lines

question 150

Multiple Choice

If a price ceiling on gasoline results in long lines at the gas station and a rich businessman and an elderly retiree both need gasoline, who would have the higher-valued use for gasoline, and who would have the lower opportunity cost of waiting in line?

• A) The businessman would have the higher-valued use and the lower opportunity cost.
• B) The businessman would have the higher-valued use and the retiree would have the lower opportunity cost.
• C) The retiree would have the higher-valued use and the lower opportunity cost.
• D) The retiree would have the higher-valued use and the businessman would have the lower opportunity cost.

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Definitions:

Basic Emotions

Fundamental emotional states, such as happiness, sadness, fear, disgust, anger, and surprise, that are universal and biologically based.

Primary Emotions

Fundamental emotions that are universal and experienced by all, such as happiness, sadness, fear, and anger.

Trust

The firm belief in the reliability, truth, ability, or strength of someone or something.

Responsive

Showing a quick and positive reaction to changes or to the needs of a situation or person.