Suppose in the market for iPhones, the following two changes take place: (1) the cost of making iPhones rises, and (2) customers begin to prefer Android-platform smartphones over iPhones. What happens to equilibrium price and equilibrium quantity? O a. The equilibrium price and the equilibrium quantity fall. O b. The equilibrium price falls, but the equilibrium quantity is indeterminate. X O c. The equilibrium price rises, but the equilibrium quantity is indeterminate. Incorrect O d. The equilibrium price is indeterminate, but the equilibrium quantity falls. In the market for cable television, fewer people are subscribing to cable while the cost of providing cable television has increased. As a result, since the drop in cable subscribers has had a bigger impact on the market, we can expect a(n) increase in the equilibrium price and quantity of cable television. decrease in the equilibrium price and quantity of cable television. V Correct unknown change in the equilibrium price but a decrease in the equilibrium quantity of cable television. unknown change in the equilibrium quantity but a decrease in the equilibrium price of cable television. Suppose three years ago a nation's inflation rate was 8%, two years ago it was 5%, and last year it was 2%. This nation is undergoing ut hyperinflation. tion O disinflation a drop in its price level. X Incorrect deflation. e Text