Suppose a City Limits the Number of Cabs That Can

question 18

Multiple Choice

Suppose a city limits the number of cabs that can provide taxi service by issuing medallions.
If the medallions can be bought and sold and they command a positive price,you can conclude that:

• A)fares are above the competitive levels.
• B)no illegal cabs will operate in the city.
• C)the demand for cabs is lesser than the supply of cabs.
• D)the supply curve for taxicabs is horizontal.

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