Show the welfare effects in your figure

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Reference no: EM131345664

Although 23 states barred the self-service sale of gasoline in 1968, most removed the bans by the mid- 1970s. By 1992, self-service outlets sold nearly 80% of all U.S. gas, and only New Jersey and Oregon continued to ban self-service sales. Using predicted values for self-service sales for New Jersey and Oregon, Johnson and Romeo (2000) estimate that the ban in those two states raised the price by approximately 3¢ to 5¢ per gallon. Why did the ban affect the price? Illustrate using a figure and explain. Show the welfare effects in your figure. Use a table to show who gains or loses.

Reference no: EM131345664

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