The market for cell phones reaches equilibrium because cell phone sellers have an incentive: to decrease quantity and so do cell phone consumers, so the price goes to to equilibrium. for prices to fall and some cell phone consumers only buy at higher prices, driving the price to equilibrium. to increase quantity and so do cell phone consumers, so the price goes to to equilibrium. for prices to rise and some cell phone consumers will not buy at higher prices, driving the price to equilibrium.

Question

Social Studies

Jakob Stewart

25 May, 19:07

The market for cell phones reaches equilibrium because cell phone sellers have an incentive: to decrease quantity and so do cell phone consumers, so the price goes to to equilibrium. for prices to fall and some cell phone consumers only buy at higher prices, driving the price to equilibrium. to increase quantity and so do cell phone consumers, so the price goes to to equilibrium. for prices to rise and some cell phone consumers will not buy at higher prices, driving the price to equilibrium.

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Answers (1)

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Mason Lawson · Answer 1

By increasing the amount and so do cell phone consumers, so the price reaches equilibrium.

Explanation:

The law of supply and demand says that if the supply increases, the price or demand may decrease, and if supply decreases, the price or demand may increase. And the reality is that today there is a great deal of supply and variety of cell phones with which a greater amount is acquired by consumers, bringing the price to its equilibrium.

The number of consumers who can afford a high-end smart phone is less, and in reality it does not affect the equilibrium price much, even due to the fact that several consumers purchase cell phones in rental or credit plans.