Compare the market power of taxi companies today versus 20 years ago in terms of their ability to earn revenue/profit from customers

Before 20 years, there are only a few taxi companies in the market due to a higher price of taxies. Therefore, those who don't have a car book the taxies to reach their destinations; hence, these taxies companies can gather a high profit by charging a higher fare per travel by enjoying a higher market power.

But, with time, as new automobile companies enter the market, the price of taxies and other automobiles decline which eventually raises the number of automobiles in the market by making it consumers' pocket friendly. Hence, there is a decline in the profitability of each firm, due to a reduction in per-unit travel fare due to competition, rise in the consumer's affordability of automobiles, and reduction in the market power of each firm.