Suppose There Is a City Which Licenses Cabs,but Cab Owners

question 14

Multiple Choice

Suppose there is a city which licenses cabs,but cab owners find they cannot get anyone to buy their medallions at any price.You can conclude that:

• A)selling medallions is illegal.
• B)cab owners are making a normal profit.
• C)cab fares are higher than the efficient level.
• D)the number of licenses issued are limited.

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