Thursday 23 November 2017
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rappler
3 months ago

Try as it might, LTFRB can’t repeal the law of supply and demand

The unfolding drama surrounding LTFRB’s regulation of ride-hailing services (especially Uber) is of particular interest to teachers of economics: it’s a perfect illustration of the basic model of supply and demand. Supply and demand is taught on Day One of any basic economics class for two good reasons. First, it explains ...

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