if-a-key-raw-material-becomes-scarce-reducing-the-supply-of-smartphones-what-is-

Question

If a key raw material becomes scarce, reducing the supply of smartphones, what is the expected impact on the smartphone market?

Accepted Answer

Equilibrium price increases, equilibrium quantity decreases.

Answer

Equilibrium price and quantity both decrease.

Answer

Equilibrium price decreases, equilibrium quantity increases.

Answer

Equilibrium price and quantity both increase.