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    Supply and Demand

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    Recently, cellular telephones have become very popular. at the same time new technology has made them less expensive to produce. By assuming the technology advance caused cost curves to shift downwards at the same time that demands was shifting to the right, draw a diagram or diagrams to show what will happen in the short and in the long run.

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    Solution Preview

    In the long run, both supply and demand curves will shift right. With the increase in both the supply and demand, the quantity ...

    Solution Summary

    The solution explains the concepts of supply and demand and illustrates how they will change in the short run and long run for a hypothetical situation.