Business, 19.07.2020 01:01 myhomeacc32

How are production limits used in practice to raise the prices of the following goods or services: Taxi rides? A. The government requires that each cab has a medallion (a license to operate). Assuming the number of taxis is less than it would be without regulation, those taxis in the market may charge a lower-than-competitive price. B. The government requires that each cab has a medallion (a license to operate). Assuming the number of taxis is greater than it would be without regulation, those taxis in the market may charge a lower-than-competitive price. C. The government requires that each cab has a medallion (a license to operate). Assuming the number of taxis is greater than it would be without regulation, those taxis in the market may charge a higher-than-competitive price. D. The government requires that each cab has a medallion (a license to operate). Assuming the number of taxis is less than it would be without regulation, those taxis in the market may charge a higher-than-competitive price.

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