In late 1973, the legal maximum retail price of gasoline was about $.40 (somewhat higher than where it is at this writing, relative to other prices). Drivers lined up for two hours to purchase gasoline, although the wait var ied according to the capricious distribution of the fuel. What does a two hour wait signify with regard to what the price would have been without the price controls? [Hint: The value of one's time, as an approximation, at least, is the income fore- gone during the wait. It is the amount one could have earned in that time interval. Consider that the wage paid by fast food outlets was about $1.50 per hour, and the average wage in the economy then was about $4.00 per hour. Assume a fill-up is 10 gallons. How long would a person earning these amounts be willing to wait in line, and what does this imply about the size of the transfer consumers gain?)