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regulations (indirect barriers to entry (Taxi driver requirements (valid…
regulations
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Regulations are official rules, and have to be adhered to by the regulated industry
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fare regulations
The differences between fixed and free fare setting policies are important, and other intermediate practices, such as maximum and minimum fares, must also be considered
direct barriers to entry
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number of operators or taxis per operator, or qualitative standards on the operators allowed to enter the market. Both of these create direct barriers to entry into the taxi industry. New operators must pass the quality requirements before they can face the quantity restrictions