Which scenario is the MOST likely effect of an increase in the price of milk on the market for cereal? decreased equilibrium price of cereal and increased equilibrium quantity of cereal increased equilibrium price of cereal and increased equilibrium quantity of cereal increased equilibrium price of cereal and decreased equilibrium quantity of cereal X Incorrect decreased equilibrium price of cereal and decreased equilibrium quantity of cereal 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? lon O a. The equilibrium price and the equilibrium quantity fall. O b. The equilibrium price falls, but the equilibrium quantity is indeterminate. c. The equilibrium price rises, but the equilibrium quantity is indeterminate. X 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