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Suppose that the market for taxi rides in New York City has now completely liberalized (it is now a competitive market). Mayor De Blasio has
Suppose that the market for taxi rides in New York City has now completely liberalized (it is now a competitive market). Mayor De Blasio has introduced a Medallion Relief Program that compensates some taxi medallion owners for their losses. f. If the Medallion Relief Program is financed by those who are made better off by the liberalization, could the liberalization of the taxi industry make everyone better off? Explain. g. What could be the practical difficulties of a policy described in part f
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