The equilibrium quantity of solar panels bought and sold in the market has stayed the same, but the price of solar panels has decreased, wha must have been the case? Supply and demand both increased. O Supply and demand both decreased. There was an increase in demand and a decrease in supply. O There was an increase in supply and a decrease in demand.

Suppose an economic boom causes incomes to increase and, at the same time, drives up wages for the sales representatives who work for cell phone companies. Assume that smartphones are a normal good. This will cause the: O price of cell phones and the equilibrium quantity to rise. O price of cell phones to rise, but the change in the equilibrium quantity is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply. O price of cell phones and the equilibrium quantity to fall. O quantity of cell phones to rise, but the change in the equilibrium price is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply.

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