Taxi drivers go on strike. (5 marks) Consider the market for bus service in a city. Explain by using a SKETCH of supply and demand curves, how each of the following actions will affect the market.
a) Taxi drivers go on strike. (5 marks)
Consider the market for bus service in a city. Explain by using a SKETCH of supply and demand curves, how each of the following actions will affect the market. (Please consider each case separately).
b) Gasoline prices increase. (Hint: The changes for consumers and bus suppliers are in the same magnitude). (5 marks)
c) Half the downtown parking lots are converted to office buildings. (5 marks)
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