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In many countries, governments set the fares that taxi owners/drivers can charge. At various times, taxi owners/drivers stage protests asking for an increase in taxi

In many countries, governments set the fares that taxi owners/drivers can charge. At various times, taxi owners/drivers stage protests asking for an increase in taxi fares because they believe it will increase their revenue. Graphically represent and explain what taxi owners/drivers are assuming about the price elasticity of demand for taxi rides?

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