In Aug 1971, President Richard Nixon instituted [ Select ] to deal with the problem of [ Select ] . Since in many markets the equilibrium price was above the price ceiling, the result were [ Select ] of many products such as gasoline. Since buyers of gas could not bid up the price, they competed by [ Select ] . In a free market [ Select ] coordinate the actions of thousands of people to deliver products to consumers. With price controls in place, the economy becomes [ Select ] . Shortages in one product [ Select ] to other markets and thus [ Select ] . In winter of 1972/73, US residents of the East Coast were cold because, with price ceilings in place, entrepreneurs had [ Select ] to bring oil from warm Western states such as California to cold Eastern states such as New Hampshire