Suppose That the Cost of Operating a Taxicab Is $25,000/year

question 105

Multiple Choice

Suppose that the cost of operating a taxicab is $25,000/year and that a cab in full-time operation will collect $35,000/year in fares.
-Refer to the information above.Suppose that entry into the taxi industry is restricted but medallions (licences) can be bought and sold.If the annual interest rate on savings accounts is 4%,then the equilibrium price of a medallion will be ________ and taxi drivers will earn ________ their opportunity cost.

• A) $10,000;more than
• B) $10,000;exactly
• C) $40,000;exactly
• D) $250,000;more than
• E) $250,000;exactly

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Definitions:

Endodermal Cells

Cells forming the innermost layer of the three primary cell layers in early embryonic development, which develop into the lining of the gut and associated structures.

Root Cell Wall

A protective layer that surrounds the cells of a plant's root, providing support and regulating the movement of water and nutrients.

Cuticle

Secreted covering at a body surface.

Lignin Wall

A complex organic polymer deposited in the cell walls of many plants, making them rigid and woody.