QUESTION 13 Before ride-share apps, the only way to operate a taxicab in a major U.S. city was to purchase a permit (known as a "Medallion") that is placed on the hood of a taxi. Each permit is a one-time fee that is paid by the driver. Although these permits are expensive (in 2013 a New York City Medallion was $700,000), they can be re-sold, typically for 100% of the original amount paid. Each taxi permit is therefore best described as: O an implicit cost. an opportunity cost. a sunk cost. O a variable cost. a fixed cost. QUESTION 14