Question: Multiple Choice 1 point axi drivers have often campaigned to prevent Uber and Lyft from being allowed to provide services in their city, and additionally

Multiple Choice

1

point

axi drivers have often campaigned to prevent Uber and Lyft from being allowed to provide services in their city, and additionally often campaign to prevent more taxi Irivers from being licensed to drive taxis. Suppose these policies are implemented using a quantity cap: Only

1500

drivers are allowed to carry passengers around the city, vhen the market equilibrium called for

2000

drivers. What will happen to prices in the new equilibrium?

The price of a ride will go down to the point where the quantity cap meets the supply curve

It is unclear what will fappen to the price

The price of a ride will stay the same at the point where the supply curve meets the demand curve

The price of a ride will increase to the point where the quantity cap meets the demand curve

Multiple Choice 1 point axi drivers have often

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