Until 1974, tripartite committees determined the implementation of this policy in Puerto Rico. The impact of a change in this policy in Puerto Rico was the subject of a 1965 study by Reynolds and Gregory which found that it increased productivity but shrunk profits. A book about this policy argues that “dynamic monopsony” explains its impact better than supply and demand. Richard Lester’s predictions about the impact of this policy in the 1940s were not confirmed until a series of natural experiments 50 years (15[1])later. (15[1])The book (*) Myth and Measurement surveys research (-5[1])on this policy, including a difference-in-differences study of this policy in New Jersey (10[1])and Pennsylvania (10[1])by Alan Krueger and David Card. For 10 points, identify this policy that classically creates deadweight loss by preventing some labor transactions. ■END■