In 1932 NYC decided to license taxicabs. Which of the economic models that we studied defines the actual model created by this action? In other words, was this Monopolistic Competitive model or something else? Once you have identified the correct model, explain what has happened since (move to a 2012 time frame) and include a short analysis regarding the price of a taxi medallion now that should have been mentioned prior in the early years and why this has happened.