Consider the supply of car-service rides in a city. Holding all else constant, for each of the following scenarios, identify whether the market would experience a change in quantity supplied or a change in supply, and specify the direction of the change.
(i) City taxi cabs are the only providers of car-service rides, but Uber and Lyft enter the market.
(ii) The market price of taxi rides increases.
(iii) The price of taxi cab licenses increases significantly.

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The Answer of Consider the supply of car-service rides in a city. Holding all else constant, for each of the following scenarios, identify whether the market would experience a change in quantity supplied or a change in supply, and specify the direction of the change.
(i) City taxi cabs are the only providers of car-service rides, but Uber and Lyft enter the market.
(ii) The market price of taxi rides increases.
(iii) The price of taxi cab licenses increases significantly.

Consider the Supply of Car-Service Rides in a City