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(Solved): According to a news report, in 2008, medallions in San Francisco were selling for $250,000. ...



According to a news? report, in? 2008, medallions in San Francisco were selling for? $250,000. In late? 2018, "the market for taxi medallions in San Francisco is now totally frozen. No one has bought or sold one in over two? years." ?Source: Sam? Harnett, "Cities Made Millions Selling Taxi? Medallions, Now Drivers Are Paying the? Price," npr.org, October? 15, 2018. Why would taxi medallions have been worth? $250,000 in? 2008? Why was it apparently impossible to sell them at any price in? 2018? In? 2008, A. the taxi business was very profitable in San? Francisco, and given the small supply of the? medallions, the equilibrium price skyrocketed. By? 2018, people viewed taxis as an unsafe form of transportation and decreased their demand for taxi? rides, thereby reducing the need for a medallion. B. the taxi business was very profitable in San? Francisco, and given the small supply of the? medallions, the equilibrium price skyrocketed. By? 2018, the increased popularity of rideshare companies like Uber and Lyft made it possible for individuals to provide taxi service without purchasing a medallion. C. taxis were the only means of public tranportation in San? Francisco, and given the small supply of the? medallions, the equilibrium price skyrocketed. By? 2018, the increased popularity of rideshare companies like Uber and Lyft made it possible for individuals to provide taxi service without purchasing a medallion. D. taxis were the only means of public tranportation in San? Francisco, and given the small supply of the? medallions, the equilibrium price skyrocketed. By? 2018, people viewed taxis as an unsafe form of transportation and decreased their demand for taxi? rides, thereby reducing the need for a medallion.



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