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Required information Uber and Its Effect on the Sharing Economy The goal of this exercise is to demonstrate your understanding of the role of supply

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Required information Uber and Its Effect on the Sharing Economy The goal of this exercise is to demonstrate your understanding of the role of supply and demand and its impact on an industry's competition. Typically. consumers are willing to buy more of an item as its price falls because they want to save money However, there is a point where the supply and demand intersect, creating the ideal equilibrium price. This price point fluctuates as supply and demand change in response to availability of resources, economic conditions, and degree of competition. Read the case and answer the questions that follow. Uber Technologies inc, is a ride-sharing, taxicab, food delivery, and transportation network company headquartered in San Francisco, California. Uber uses a software app for mobile devices that connects customers with available drivers that use. their own resources to meet the customers' needs for a fare. In most cases, this fare is significantly lower than that of a traditional taxi fare. Consumers have shown preference for these ride-sharing options, not only for their price, but for their corvenience as well. Instead of standing outside and wating for a cab to appear, Uber customers can use their smartphones to request a ride and track the driver right to their exact location. Once in the car, the consumer knows the route and approximate fare for the ride. Once the driver arives at the destination, the payment is automatically made through the app and the customer has the ability to rate the diver and the experience. Despite some of the ethical issues Uber has faced, it has been very disruptive to the transportation industry, especially with taxicab drivers and companies. However, when the pandemic hit, Uber struggled with high ride costs and long wait times. Some divers left the platform fearful of Covid, extended unemployment benefits filled some needs, and others found food delivery a better option and don't plan to return, in 2021, Uber spent milions to incentivize drivers to return to the platform and balance out the supply and demand issues. With the focus on supply and growing its driver base, Uber hopes to see pricing ease up and wait times for rides to decrease. Sources: httpsilumwanbscom/202109/21lubericeo-sces-surge-pices-easing-up-by-end-of-year html. Pnor to the emergence of the nde-sharing companies, the taxicab industry in major cities was operating in a(n) Prior to the emergence of the ride-sharing companies, the taxicab industry in major citles was operating in a(n) market structure. Multiple Choice oligopoly pure comperition monopolsuc compertion economic exponsion economic contrecton During the pandemic, the supply of drivers which caused the price of a ride to Multiple Choice decreased; increase Increased; increase decreased; decreose increased; decrease increased; remain flat Mistemthint bententerti bines mencenoriy Muriple chowe alswing epenoing detesio stensereg witeg

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