[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Tyler] In the next two videos,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,we'll turn our attention \Nto price floors
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and their effects.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In this video, we'll look at \Nthe first two effects
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and cover one of the most \Nwell-known price floors:
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the minimum wage.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Let's get started.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,A price floor is a minimum price \Nallowed by law.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That is, it is a price \Nbelow which it is illegal
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to buy or sell,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,called a price floor \Nbecause you cannot go below the floor.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We're going to show \Nthat price floors create
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,four significant effects:
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,surpluses, lost gains from trade, \Nwasteful increases in quality,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and a misallocation of resources.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We're going to go through \Nthese each in turn.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Before we do so, however, \Nit is worthwhile asking this question:
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,price floors are less common \Nthan price ceilings –
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,why is this?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That is it's more common \Nto see a price being held
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,below the market price,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,than it is to see a price \Nbeing held above the market price.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Why? One reason may be political.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That is, there are typically\Nmore buyers of goods
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,than there are sellers of goods.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So when you hold a price \Nbelow the market price,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,you may benefit, or at least \Nappear to benefit, more buyers,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,more people, more voters
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,than when you hold a price \Nabove the market price,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,which would appear to harm buyers.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now interestingly, the paradigmatic,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the classic case of a price floor \Nis the exception which proves the rule.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Because the classic case \Nof a price floor is a good
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,for which there are more sellers \Nthan there are buyers.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So here's the case where the price \Nis kept above the market price,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and it make sense politically \Nbecause there are lots of sellers
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,compared to buyers.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So, what is this good, \Nfor which price floor is common,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and for which sellers exceed buyers?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We'll get to that in just a moment.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Think about it.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So one of the things \Nwhich a price floor does
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is it creates surpluses.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Okay. Now, have you thought of the good \Nwhich a price floor is common,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and it's a good for which \Nthe number of suppliers
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,exceeds the number of buyers?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Well, the minimum wage \Nis a price floor.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The minimum wage is a price \Nbelow which you cannot sell labor,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and the suppliers of labor \Nexceed the buyers of labor.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So, it's not surprisingly \Nthat a minimum wage
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is often politically successful.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now, who will the minimum wage affect?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Workers with very high productivity \Nwho already earning
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,more than the minimum wage –
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,they are not going to be affected \Nby the minimum wage perhaps at all.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Instead, it will affect \Nthe least experienced,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,least educated, least trained workers.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Low-skilled teenagers, for example, \Nare most likely to be affected by the minimum wage.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now, I said that a price floor creates surpluses.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The minimum wage is a price floor,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,so it's going to create a surplus.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,A surplus of labor we call what?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We say a gaggle of geese?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Say pride of lions?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,A surplus of labor is called unemployment.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So let's look with our model to understand
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,how a minimum wage can create unemployment,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,particularly among the least skilled workers.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Okay. Here's our standard diagram,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,except we're going to put \Nthe quantity of labor,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,especially unskilled labor, \Non the horizontal axis.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The wage or the price of labor \Non the vertical axis.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That's our supply curve.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That's our demand curve with the market wage \Nand the market employment level.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now we're going to add the minimum wage.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,This is a price floor below which
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,it is illegal to buy \Nor sell this good, labor.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now, we just read the consequences \Nof the price floor of the diagram.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So we read, for example,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that at the minimum wage, \Nthe quantity of labor demanded
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is read off the demand curve.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Remember, this is the demand for labor.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So, this is the quantity of labor demanded,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and at the minimum wage, \Nthe quantity of labor supplied
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is read off the supply curve.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Let's put that point on, that's Qs.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So we have Qs units of labor supplied,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Qd units of labor demanded.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Qs is bigger than Qd,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,so, the difference between them \Nis a surplus of labor,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,also known as unemployment.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now the minimum wage is a controversy \Nand hotly debated issue.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Some academic results indicate
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that the unemployment effect \Nof a modest increase in the minimum wage
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,would not be substantial.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,At the same time, however, \Nwe also have to recognize
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that a modest increase in the minimum wage \Nwould not have big benefits either.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,First, only a small percentage of workers
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,are going to be affected by the minimum wage.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,97% or so of workers already earn \Nmore than the minimum wage.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In fact, even among young workers,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,94% or so less than 25 years of age,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,they already earn more than the minimum wage.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,At best, the minimum wage \Nwill raise the wages
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of some low-skilled and young workers,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,most of whose wages \Nwould have increased anyway
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,as they became more skilled.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,At worst, the minimum wage will increase \Nthe price of a hamburger,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,create some unemployment
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and/or keep some teenagers \Nin school for a bit longer.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Not all necessarily bad things.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,What, however, about a larger increase \Nin the minimum wage?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Few economists doubt
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that a large increase in the minimum wage
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,would cause serious unemployment.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,After all, we could not create prosperity
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,by raising the minimum wage \Nhigher and higher.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,If a minimum wage of 10 dollars \Nan hour is a good idea, what about 15?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,What about 20? 25?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,A hundred dollars?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,500 dollars an hour?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Would we all be rich at that point?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Would we all be receiving wages \Nof 500 dollars an hour?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Of course not.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Most of us would be unemployed.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So a large increase in the minimum wage
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is going to cause serious Unemployment,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and the good example of this \Nis Puerto Rico in 1938.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Congress actually set \Nthe first minimum wage at this time
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,at 25 cents an hour.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now, that may seem Low,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,but that's at the time when the average wage \Nin the United States
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,was still less than a dollar an hour,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,was 62 and a half cents an hour.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Congress, however, forgot to exempt Puerto Rico.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,When the average wages \Nin Puerto Rico at that time
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,were much lower than in the rest \Nof the United States,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,only three cents to four cents an hour.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So this modest increase \Nin the minimum wage
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,for the continental United States
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,was a huge increase in the minimum wage for Puerto Rico.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And lots of Puerto Rican firms went Bankrupt,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,it created devastating unemployment.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In fact, Puerto Rican politicians \Ncame to Washington
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to beg for an exemption \Nto get them out of the minimum wage.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So, a large increase in the minimum wage
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,would certainly cause substantial \Nand serious unemployment.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We do see higher minimum wages \Nin other countries.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The minimum wage in France \Nis higher than the U.S.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,relative to average wages \Nin those two countries.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In addition, labor laws in France
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,make it very difficult to fire workers
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,once they have been hired.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,As a result, firms in France \Nare very reluctant to hire new workers.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Younger workers are especially affected\Nbecause they are less productive
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and also they are less known commodities.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So, the risk of hiring them is greater.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,As a result, unemployment among young workers\Nis very high in France.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It was 23% in 2005, and that was long before \Nat the economic crisis,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the financial crisis \Naffecting the entire world.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So even during good times,\N\Nunemployment in France \Namong young workers is very high
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,because the minimum wage is high,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and because firms don't want to hire,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,given how difficult it is \Nto fire workers.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Okay. Let's also show that the minimum wage \Ncreates lost gains from trade –
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,this ought to be fairly familiar by now.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,At the minimum wage, \Nthe quantity of labor demanded
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is given by Qd.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That is less than the quantity \Nof labor which would be traded
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,given the market wage,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,this market employment.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Key point is that \Nthere are buyers of labor
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,who are willing to buy labor \Nat a price below the minimum wage,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and there are suppliers of labor,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,workers who are willing \Nto work below the minimum wage.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,These deals would be mutually profitable,\Nbut they are illegal.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So, there are buyers of labor
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,who are willing to buy below \Nthe minimum wage,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,there are sellers willing to sell.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,These deals would be mutually profitable, \Nbut they are illegal, they are not made.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Because of that, there are lost\Ngains from trade or a deadweight loss.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Okay. So, we have covered \Nthe first two effects of price floors,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,namely surpluses \Nand lost grains from trade.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In the next lecture, we will use \Na slightly different example
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to look at wasteful increases in quality \Nand a misallocation of resources.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Announcer] If you want to test yourself,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,click Practice Questions.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Or, if you're ready to move on, \Njust click Next Video.