Multiple Choice
Suppose that the market for cab rides in a community is initially in long-run equilibrium. Subsequently, an increase in population increases the demand for cab rides. In the short run, the market price will _____, and the number of rides offered by a typical cab driver will _____.
A) rise; rise
B) rise; fall
C) fall; rise
D) fall; fall
Correct Answer:
Verified
Correct Answer:
Verified
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