When the United States had price controls on oil and gasoline, some parts of the United States

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When the United States had price controls on oil and gasoline, some parts of the United States had a lot of heating oil while other states had long lines. As in the chapter, let’s assume that winter oil demand is higher in New Jersey than in California. If there had been no price controls, what would have happened to the prices of heating oil in New Jersey and in California and how would “greedy businesspeople” have responded to these price differences?
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Modern Principles of Economics

ISBN: 978-1429278393

3rd edition

Authors: Tyler Cowen, Alex Tabarrok

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