In each of the following cases, determine how supply or demand shifts and how the equilibrium changes. a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the
supply of
supply of and demand for
demand for
smartphones increase(s), causing the equilibrium price to rise, fall, or remain unchanged
fall
rise, fall, or remain unchanged
rise
and the equilibrium quantity to rise
rise
fall
rise, fall, or remain unchanged
b. ALS medical research funds: The ALS ice bucket challenge goes viral, leading to greater awareness of the benefits of and need for ALS research. As a result, the
supply of
supply of and demand for
demand for
ALS research increase(s), causing the equilibrium price (or opportunity cost) of such research to
rise
fall
rise, fall, or remain unchanged
and the equilibrium quantity to
fall
rise, fall, or remain unchanged
rise