Use the following to answer questions:
Table: The Market for Taxi Rides 
-(Table: The Market for Taxi Rides) Look at the table The Market for Taxi Rides. If a government quota limit at 7 million rides is imposed on this market, the quota rent that will accrue to the owner of a taxi medallion will be _____ per ride, but there will be a total missed opportunity (inefficiency) to consumers and producers of _____ million rides.
Definitions:
Partnership
A commercial arrangement in which a business is co-managed and operated by at least two people, following conditions and goals outlined in a Partnership Agreement.
Estoppel
A legal principle that prevents someone from arguing something contrary to a previous position or statement that was relied upon by others.
Negligence
The failure to exercise the care that a reasonably prudent person would under similar circumstances, resulting in unintended harm to others.
Partner's Liability
The legal responsibility held by partners in a partnership to cover the business's debts and other financial obligations.
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