23 ms·
The cabbies are in on it too. The prices are higher than they would probably be in a truly free market for cab fares, and that situation can be maintained more
by houseabsolute 16y ago
The cabbies are in on it too. The prices are higher than they would probably be in a truly free market for cab fares, and that situation can be maintained more easily when the incumbents can prevent new competitors from entering the market.
- uuilly 16y agoOh for sure: cartel |kärˈtel| noun an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition : the Colombian drug cartels. • chiefly historical a coalition or cooperative arrangement between political parties intended to promote a mutual interest.
- houseabsolute 16y agoFrom Adam Smith: "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public." - Adam Smith