Question

The demand and supply curves for gasoline are the same in Upper Slobbovia as in Lower Slobbovia. However, in Upper Slobbovia everybody's time is worth just $1 per hour, while in Lower Slobbovia everybody's time is worth $10 per hour.
True or False: If both countries impose a price ceiling on gasoline, the value of time wasted in waiting lines will be higher in Lower Slobbovia than in Upper Slobbovia.



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  • CreatedFebruary 21, 2014
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