Use the following to answer questions:
Figure: Effects of Price Ceilings 
-(Figure: Effects of Price Ceilings) Refer to the figure. Suppose that the data represent the retail gasoline market. At a price ceiling of $2, the total value of wasted time from waiting in line is:
Definitions:
Money Illusion
The tendency of people to think of currency in nominal, rather than real, terms, thereby neglecting the effect of inflation on purchasing power.
Anchoring and Adjustment
A psychological heuristic where initial information serves as a reference point for future decisions and adjustments.
Extended MRP
Manufacturing Resource Planning with additional functionalities that provide a more comprehensive planning system, integrating aspects like project management and finance.
Basic MRP
A simpler version of Material Requirements Planning that focuses on the essential calculations to determine material needs without advanced optimization or capacity planning features.
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Q300: (Figure: Price Controls) Refer to the figure.
Q312: Suppose a $3 per gallon price ceiling