1. Years ago, a certain economics professor suggested that Valencia auction off parking spaces in order to create more efficient outcomes.Since Valencia tends to do stupid things, no one listened to this professor.Therefore, the ongoing system of non-price rationing means that:

1. Students who place a high value on getting to class on time are not allowed to express that value with currency.
2. Valencia earns less money that it could otherwise.
3. Students who would like to spend their mornings on Instagram, while sitting at home in their pajamas are forced to spend long periods of time searching for a parking spot instead.
4. The best parking spots are provided for the same price as the worst spots, suggesting that Valencia does stupid things.
5. Very much all of the above.
6. Not all of the above, because Valencia is simply practicing the clearly morally-superior economic model of Karl Marx-inspired socialism.