Greatly reduced the cost of producing basic cell phones

Reference no: EM13684348

In recent years technological improvements have greatly reduced the cost of producing basic cell phones and a number of new firms have entered the cell phone industry.

At the same time, prices of substitutes for cell phones, such as smart phones and some tablet devices, have declined significantly.

The equilibrium market price will: increase, decrease or change in an indeterminate way

Reference no: EM13684348

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