Examlex
In which of the following situations will both market clearing price and the equilibrium quantity decrease?
Quota Rent
The earnings that accrue to the license-holder from owning the right to import a limited quantity of goods under a quota system.
New York Taxicab
An iconic mode of public transportation in New York City, known for its yellow cabs that offer transport services across the city.
Quota Rent
Extra income earned by producers who benefit from an import quota, as it raises the market price of their goods.
Demand Price
The price at which consumers are willing to buy a specific quantity of a good or service at a given time.
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