In the following example, there is a mayor event and a minor event. Determine whether each change relates to demand or to supply, adjust the graph accordingly, and then describe the impact on price and quantity and the relative magnitudes of the price and quantity changes. Mayor event: The proliferation of fast, reliable, affordable (or free) wi- and cellular signals increases the usability of smartphones. Minor event: The production of smartphones is marked by modest technological advances. Smartphomps Suppl;- lh'nuuld Quantity I Choose answer in the Parenthms The major event leads to in ( a decrease or an increase) in (supply or demand), and the minor event leads to (an increase or a decrease) in (demand or supply) . Therefore, equilibrium quantity will go (up or down) substantially and equilibrium price will (rise or fall) less substantially