For each of the following categories, describe how much market power an individual taxi driver would have in setting the price/fare/fee/wage

a. A taxi driver has close to no market power in the setting of the medallion purchasing price. The entities that hold the taxi medallions have the market power to set a purchasing price on them, and a single taxi driver does not have the market power to determine the price.

b. Unless the driver belongs to a driver leasing agency, a taxi driver may have some market power in determining the fee he will get charged. If he is to be rented for a specific amount of time, the taxi driver would state the amount of money he would like to get paid at a given period.

c. The taxi fare varies with several conditions like the vehicle one is using, the distance covered, and the time of the day. Here, the taxi driver has the market power to establish how much he expects to get from a customer in the taxi fee.

d. The taxi driver may not have the market power in determining the wages of transferable drivers. There is a standard set of fees for this work line that a single driver may have no say over.

e. A taxi driver has no market power in the nontransferable market prices. For example, the gas prices and insurance prices get determined by other market factors that he may not have influence over.