5. The medallion system used to license taxicabs in New York City is an example of a(n): a. price floor.b. price ceiling.c. quota.d. excise tax.
6. What is the name given to the wedge that occurs between the supply price and the demand price of the transacted quantity, when a good is subject to quantity restrictions?
7. Which of the following is nota likely result of a quantity control in the form of a binding quota?