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Assume that in the market for smartphones, because of an increase in the price of inputs such as microchips, the supply curve shifts to the
Assume that in the market for smartphones, because of an increase in the price of inputs such as microchips, the supply curve shifts to the left. Which of the following can we say for sure? The consumers will experience an increase in consumer surplus The producers will experience an increase in producer surplus The consumers will experience a decrease in consumer surplus The producers will experience a decrease in producer surplus
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