Not true. Uber's algorithm sets the rate within certain profitability margins which are determined by uber, "the market" is very artificial since customers only ever see the rates that uber decides they should see rather than what some drivers would actually offer.
> Uber won't find drivers if the rate is too low, for example because it's lower than the costs, lower than the risk, or lower that the competition. Uber (and the driver too) won't find customers if the rate is too high.
Right... uber deliberately structures the market through their explicit control of the price. The price is only "too low" or "too high" with respect to uber's business goals not with respect to what the actual market would do.
True, but not relevant to my point which is that uber explicitly sets the rates, not drivers, and not the market. I understand why they do this, but it's simply false to say that drivers having the option to sometimes pass up on rides is the equivalent of setting their own rate.