High costs of providing taxi services on consumers

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A few years, the price of New York City taxi medallions hit $1,000,000. What do you think was behind the increases in the price of New York City taxi medallions? Is that a problem for the city? Should the city intervene in the market for these medallions? What could be the effects of such high costs of providing taxi services on consumers, if any? How are New York City cab drivers affected by the high price of medallions?

Reference no: EM131004602

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