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Questions: The market for rental cars is very competitive. How would the following developments affect the quantity of car rentals that a typical car company wants to supply in the short run?
a.) With the easing of fears about Covid 19, people are more excited to travel than before.
b.) Local governments reduce the yearly fee that rental car companies have to pay for their facilities. Note, these fees do not vary with how many cars the company rents.
c.) Rental companies have to pay higher wages for their workers.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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