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Uber has now entered the transportation industry without requiring special licensing that used to apply to...

Uber has now entered the transportation industry without requiring special licensing that used to apply to taxi drivers. How has the entry of Uber affected the market for transportation (think of cost, convenience, safety, punctuality etc.)?

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Answer - With the entry of Uber in the transportation industry , the level of competition in this industry will rise as a result of more competitors. The increase in the number of firms will raise the supply of service and thus will reduce the cost of the service. Also , with the coming of one more competitor , the other firms will now be more cautious about the quality of their service , customer and material safety and the punctuality. Any compromise in the quality will lead to reduction in demand for that firm and result in exit.

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