ECON 1P91 Lecture Notes - Lecture 8: How I Met Your Mother, Tim Hortons, Midtown Manhattan

• School: Brock University
• Department: Economics
• Course: ECON 1P91
• Professor: Cornelius Christian

Document Summary

Soviet union had price controls, obviously was communistic. Price of bread stayed consistent for 10 years. Since the price of bread was always the same, bakers had no motivation to make a surplus amount of it leading to a low supply of bread. Price of labour is your wage, therefore the minimum wage is the price floor, you cannot go underneath the floor. Ontario: (might go up to 15), alberta: (, highest) Speculation that minimum wage causes unemployment, see tim hortons example. Economists believe that rent control does not help people. This is an argument from authority (appealing to experts) Tv shows with rent controls: friends, how i met your mother, flight of the conchords. Cast of friends cannot afford to be living in a house in manhattan by themselves (need to be making around ,000 to live in manhattan) Hollywood actress pays about ,000 a month for an 11 bedroom flat in central.