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Discuss the impact of a simultaneous occurrence

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(a) Graphically illustrate and carefully discuss the impact of a simultaneous occurrence of technological advancement and increase in market size (number of consumers) on the market equilibrium conditions (equilibrium quantity and price) of cell phones in USA.

(b) Suppose an industry expert indicates that the industry would expand with a decrease in price. Do you agree? Why or why not?

Reference no: EM132789809

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