What will happen to the price and quantity sold of iPhones if consumers' incomes rise and technological change reduces the cost of producing mobile phones?

Question

Quizplus · Accepted Answer

An increase in consumers' incomes will increase demand, raising quantity sold. Technological change reducing production costs will increase supply, also raising quantity sold. The effect on price is uncertain as it depends on the relative shifts in demand and supply.

What Will Happen to the Price and Quantity Sold of IPhones