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To own a taxicab in New York City, you must own a medallion. New York City regulates the number of official cabs by limiting the

To own a taxicab in New York City, you must own a medallion. New York City regulates the number of official cabs by limiting the number of medallions. Explain why the New York cab industry is not competitive by reviewing the four conditions necessary for competition. NYC violates which one?

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