Physics - NLM Question with Solution | TestHub

At rest the reading equals the weight: $mg=240\mathrm{N}$. The reading is now $T=220\mathrm{N}<mg$, so the net force is downward: $mg-T=ma\Rightarrow a=\frac{20}{m}$ downward.

The acceleration is downward, so the lift is either moving downward with increasing speed or upward with decreasing speed. Among the options, the answer is (C): downward with increasing speed.