During the last year, the demand for household phone lines has been falling. At the same time, consumers have chosen to buy more iphones due to the multitasking that they allow. Use a demand and supply graph to analyze the effects of these factors on the equilibrium price and equilibrium quantity in the market of land-lines and iphones. Clearly show on your graph the old equilibrium price and quantity and the new equilibrium price and quantity. Can you tell whether the new equilibrium price will be higher or lower than the old equilibrium price in each market?

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