sp25-econ101 econ101
Lecture 08: Price controls and quotas Lecture 08: Price controls and quotas
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Binding versus nonbinding controls
Minimum wages and evidence
Peanut quota example
Figures from the lecture
Example: gasoline
Price ceiling at $3.00
The market for unskilled labor
The market for unskilled labor
Different minimum wages by state
Quota that supports a price of $0.30
Deadweight loss