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Consider the market for cell phones in Africa. Over the past few years, mobile banking has become standard on cell phones (it is more secure
Consider the market for cell phones in Africa. Over the past few years, mobile banking has become standard on cell phones (it is more secure and cheaper than other forms of banking). At the same time, improvements in manufacturing have reduced cell phone production costs. In words and graphically, describe the effects that such simultaneous changes have on equilibrium price and quantity in the African cell phone market. Be sure to describe the mechanisms involved.
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