How does the higher charge affect efficiency in the market

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Reference no: EM13245548

In Woodbridge, New Jersey cab fares are not regulated. Taxis may charge whatever they like, provided it is posted on their rate card. This may include a $10 inclement weather (rain, snow, etc.) surcharge.

a. Use supply and demand to explain the higher fares in bad weather. (One of each.)

b. How does this higher charge affect efficiency in the market?

Reference no: EM13245548

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