Order Description
Taxi rates are usually regulated by the local government, e.g., the Taxi and
Limousine Commission (TLC) in NYC. Imagine that the local government in a small city
argues that UBER fares are too high (particularly during high demand times) and decides
to put in place a standard price ($2 per mile) for all UBER rides.

Assume that the free market price of a one-mile UBER ride is $3. Draw a
detailed supply and demand diagram showing the implementation of this pricing policy.
Describe in a welfare table and in words what happens to the market for one-mile UBER
rides. describe who wins and who loses.