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Sublight2097 Sublight2097
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9 years ago
Are the owners of taxicabs in New York City earning large profits because the city severely restricts the number of licenses?
A) No, because the city also regulates fares.
B) No, because the cost of owning a license absorbs the potential profit.
C) Yes, because the number of licenses has not been increased for 50 years.
D) Yes, because if they were not the number of taxicabs would decline and profits would rise.
E) We cannot tell because profit arises from uncertainty.
Textbook 
The Economic Way of Thinking

The Economic Way of Thinking


Edition: 13th
Authors:
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SmooothSmoooth
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8 years ago
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Sublight2097 Author
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#2
8 years ago
Another one in the books, marking it solved.
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#3
8 years ago
Don't mention it Happy Dummy
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