New York City licenses taxicabs, and the number of licenses has not been increased since the late
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New York City licenses taxicabs, and the number of licenses has not been increased since the late 1930s. The licenses are tradable, and the market price of the licenses was more than a million dollars in 2016 prior to the entry of Uber and Lyft. Why did the licenses sell for such a high price? Did the limitations on the number of taxis in New York City make the operation of taxis more profitable? Who benefited from this system? What impact did the entry of Uber and Lyft have on taxi fares and the market price of the licenses?
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The high price of taxi licenses in New York City as well as the limitations on the number of licenses can be understood through the lens of supply and demand dynamics government regulation and market ...View the full answer
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Related Book For 
Economics Private And Public Choice
ISBN: 9780357133996
17th Edition
Authors: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
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