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a limo company specializes in transporting people to and from the airport. It competes with local taxi and public transporation as well as people deciding to drive their own cars. The demand for the firms services has been increasing as more consumers use the services due to higher parking rates at the airport and increase in gasoline prices and rates for drivers have increased costs for the firm. What would happen to the demand curve if the major taxi companies lowered their prices?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9477539

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