Consider the building-permit policy depicted by the figure below. Suppose that the city announces on January 1 that 300 days later (October 28) it will give the 80 permits to the first 80 licensed building contractors through the planning office door. The police chief announces the following queuing rules: i. No cuts: When a person joins the queue, they go to the end of the queue. ii. No substitutions: No one can reserve a place in line for anyone else. To receive a permit, a licensed contractor must be one of the first 80 people in line and must remain in line until October 28. Therefore, instead of an equilibrium price for the permits, there is an equilibrium waiting time (time spent in line). Suppose that 30 of the city's 120 licensed contractors have an opportunity cost of $300 per day, 30 have an opportunity cost of $500 per day, 30 have an opportunity cost of $1,000 per day, and 30 have an opportunity cost of $2,000 per day