Describe the supply and demand shifts that are occuring

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A limo service specializies in tranporting people to and from the airport, although it will deliver people anywhere in the area. It competes with local taxis and public transporation as well as people deciding to drive their own cars. The demand for the firms services has been increasing as more consumers use the service for convenience and due to higher parking rates and gasoline prices, wage rates for drivers increase cost for the firm. Describe the supply and demand shifts that are occuring. What would happen to the demand curve if the major taxi companies lowered their rates.

Reference no: EM13159169

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