Nixon had wage and price controls. I was just starting married life and was hit by the wage controls.
As for price controls, let’s say the price of 32 oz mayonnaise is fixed by law. Suddenly there is a new product: 31.5 oz jars. New product, so no fixed price. See how it works?
And the price of 31.5 oz. of Mayo is slightly higher than the price of 32 oz. of Mayo, to reflect the added cost in securing the 31.5 oz. Jar Contract.
Nixon had wage and price controls. I was just starting married life and was hit by the wage controls.
As for price controls, let’s say the price of 32 oz mayonnaise is fixed by law. Suddenly there is a new product: 31.5 oz jars. New product, so no fixed price. See how it works?
And the price of 31.5 oz. of Mayo is slightly higher than the price of 32 oz. of Mayo, to reflect the added cost in securing the 31.5 oz. Jar Contract.
You know mayo is only for millionares and billionares.