If a drop in the price of taxicab fares shifts the demand curve of private limousine rentals leftward, what does this signify

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asked Mar 26, 2018 40.4k views

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Kunal Deo · Answer 1 · 2018-03-31T14:03:14+0000

These two services are substitutes. The demand for one good has an effect on the demand for another good. In this case, the lowered price of the taxi fares will lead to a lowered price for the use of the limo rentals, all else held constant.

If a drop in the price of taxicab fares shifts the demand curve of private limousine rentals leftward, what does this signify

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