Recall the Application About the Response of New York City

question 138

Multiple Choice

Recall the Application about the response of New York City cab drivers to an increase in cab fares to answer the following question(s) .
-Recall the Application. A study of the taxi market in New York City showed that an increase in cab fares, and therefore the wages of cab drivers

• A) increased the quantity of labor supplied by the cab drivers.
• B) increased the number of hours worked by cab drivers.
• C) decreased the quantity of labor supplied by the cab drivers.
• D) increased the demand for cab rides.

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Definitions:

Percentage

A portion or division of a whole expressed as a number out of 100.

Development

Development refers to the process of economic growth, structural change, and improvement in the living standards and quality of life of a population.

Basic and Applied Research

Fundamental scientific exploration aimed at gaining knowledge and understanding, and its practical application to solve specific problems, respectively.

Percentage

A proportion or share in relation to a whole, expressed as a fraction of 100.