ECONOMICS
PRICE CEILINGS AND FLOORS
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Question
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Suppose there is a quota limit for how many New York City taxicabs can operate at any given time. At the quota quantity, consumers are willing to pay $15 per taxi fare. Drivers, however, only need $9 per taxi fare. What is the quota rent per taxi fare in this scenario?
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5$
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6$
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9$
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15$
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Explanation:
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