Question

In the market for cell phones, if the supply of cell phones increases what will happen to the price and quantity of cell phones?.

Answer 1

If the supply of cell phones increases, the price of cell phones will reduce and the quantity of cell phones would increase.

What is the impact of an increase in the price of cell phones?

When the market of a good is in equilibrium and the supply for a good increases, the supply curve would shift to the right while the demand curve remains unchanged.

At the new equilibrium of the supply curve and the demand curve, price would be lower and quantity would be higher.

To learn more about an increase in supply, please check: https://brainly.com/question/14727864

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