Question 01–(12marks)–200-300 Words
a)The taxi industry in NSW used to have a mono poly before the arrival of Uber.Explain with reference
to the characteristics of a monopoly why this was so. How much did a taxi license cost?
b)Assuming that the industry was making economic profits, illustrate the situation of the taxi industry
monopoly in a diagram.Your diagram must be half an A4 page.
c)If this was the situation in the short run, what would happen in the long run and why?
d)Explain with reference to the characteristi... More