Taxis versus Ride Sharing Services

Distinguish between a competitive market and a noncompetitive market (monopoly).

What characterizes each market structure?

What are some positives and negatives about each?

What are the barriers to entry?

What are the arguments provided by taxi drivers for why ride sharing services need to b monitored?

What do ride sharing services such as Uber and Lyft argue in defense?

Should ride sharing services be allowed to operate freely without having to meet the same requirements as taxi drivers?

Should the government step in treat Uber and Lyft like a taxi company and require them to bid for one of the limited ‘medallions’ in a city?

Is this a case of unfair competition? Or unwanted competition?

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