Question from Past Microeconomics Qualifying ExamEdit
Fall 2005 - Section II, Question three, George Mason University
In a number of situations, time rather than money is used to allocate resources. Two examples would include price controls for a product such as gasoline in the 1970s and the use of roads such as the Beltway, in urban areas. Using a model of either situation, (queueing under price controls or traffic congestion), discuss the impacts of using time rather than money in these markets on such factors as quantity and the well-being of the participants in these markets.