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Question: Suppose the market equilibrium price for taxi rides is $2 per mile. Then a price ceiling of $1 pe...

Show transcribed image text Suppose the market equilibrium price for taxi rides is $2 per mile. Then a price ceiling of $1 per mile would result in a surplus of taxi service per year. a decrease in the availability of taxis. a decrease in the number of people hailing taxis no change in taxi service per year.

Suppose the market equilibrium price for taxi rides is $2 per mile. Then a price ceiling of $1 per mile would result in a surplus of taxi service per year. a decrease in the availability of taxis. a decrease in the number of people hailing taxis no change in taxi service per year.