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Sublight2097 Sublight2097
wrote...
Posts: 4132
8 years ago
Even if the City Council fixed high minimum taxi fares and gave licenses to operate to only a few cab owners, license holders would not earn large profits from operating taxis in the city because
A) people would drive their own cars.
B) people would substitute buses for taxis.
C) taxis are not a necessity of life.
D) the cost of owning a license would eat up the potential profits from operating a taxi.
E) the demand would fall as taxi fares rose.
Textbook 
The Economic Way of Thinking

The Economic Way of Thinking


Edition: 13th
Authors:
Read 386 times
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SmooothSmoooth
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Posts: 5500
8 years ago
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Sublight2097 Author
wrote...
8 years ago
My mind was going in all different directions trying to figure this one out. Thanks so much.
wrote...
8 years ago
You're welcome Happy Dummy
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