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What effect will this event have on the market for new cell

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Reference no: EM133599642

Question: You are tasked with making predictions on the market for new cell phones. Suppose you examine recent data and find evidence that the durability of used cell phones has increased and the price of use cell phones has decreased, year-over-year. What effect will this event have on the market for new cell phones?

• It will increase the equilibrium quantity of new cell phones. © It will decrease the equilibrium price for new cell phones. It will decrease the equilibrium quantity of new cell phones.

• It will increase the equilibrium price for new cell phones.

 

 

Reference no: EM133599642

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