Samsung Galaxy and Apple iPhones are substitute goods in consumption. Suppose there is a supply shock and a demand shock that occur simultaneously in the Galaxy market; demand increases and supply increases. What effect would we expect to see in the iPhone market according to our theoretical model of perfectly competitive markets? 0 Can't say without additional information. 0 iPhone demand would become more price inelastic. 0 iPhone demand would increase. 0 iPhone supply would increase. 0 iPhone demand would decrease. ,, , 7 7 k . -..,.~...._.._.._. Question 10 1 pts Smsung Galaxy and Apple iPhones are substitute goods in consumption. Suppose there is a demand shock in the market for iPhones leading to an increase in their demand. What equilibrium effect would we expect to see in the iPhone market according to our theoretical model of perfectly competitive markets? 0 Demand for iPhones will decrease leading to a decrease in price, but we cannot predict how quantity will be affected. 0 Demand for iPhones will increase, leading to an increase in both price and quantity. .0 Demand for iPhones will increase. but we cannot predict how price and quantity will be affected. O The market for iPhones will be unchanged. \"A O Demand'for iPhones will decrease, leading to a decrease in both price arid quantity