question archive The system of taxicab medallions in New York City is an example of a: a
The system of taxicab medallions in New York City is an example of a: a
Subject:EconomicsPrice:2.88 Bought3
The system of taxicab medallions in New York City is an example of a:
a. price floor.
b. price ceiling.
c. nonbinding price ceiling.
d. quantity control.
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The correct answer is d. quantity control.
- This is because, by controlling how many taxicab medallions are issued in New York, the city is in fact controlling the quantity supplied of taxicabs in the city.
