Consider the market for smartphones. In the past decade, technological advancements (a non-price determinant of supply) have significantly increased the supply of smartphones. Manufacturers can now produce smartphones more efficiently and at a lower cost, shifting the supply curve to the right. On the demand side, smartphones have become a necessity in modern life. The perception and preference of consumers towards smartphones have changed over time (a non-price determinant of demand), leading to an increase in demand. This shifts the demand curve to the right. In terms of market equilibrium, both the increase in supply and demand will affect the equilibrium price and quantity. The increase in supply tends to decrease the price and increase the quantity, while the increase in demand tends to increase both the price and quantity. The actual effect on price will depend on the relative shifts in supply and demand. If the increase in demand is greater than the increase in supply, the price will rise. If the increase in supply is greater than the increase in demand, the price will fall. In both cases, the quantity of smartphones in the market will increase