-Refer to the above table. Suppose the demand for smartphones rises because more people use the Internet with a smartphone. The new equilibrium price will be
A)$200.
B)$275.
C)more than $275.
D)impossible to be determined given the information.

Question

-Refer to the above table. Suppose the demand for smartphones rises because more people use the Internet with a smartphone. The new equilibrium price will be
A)$200. 
B)$275. 
C)more than $275. 
D)impossible to be determined given the information.

Quizplus · Accepted Answer

When demand increases, the equilibrium price typically rises, so it will be more than $275.

-Refer to the Above Table