Which of the following would definitely result in a higher price in the market for smart phones

Question

Quizplus · Accepted Answer

When demand increases and supply decreases, it creates a shortage in the market which results in an increase in price. Therefore, option A would definitely result in a higher price for smart phones. Option B and C would result in a decrease in price since there would be a surplus of supply in the market. While option D may or may not result in a higher price since the increase in supply may offset the increase in demand.

Which of the Following Would Definitely Result in a Higher