The graph shows the demand curve for smartphones and the supply curve of smartphones. Price (dollars per smartphone) Draw a point at the equilibrium price and quantity of smartphones. Label it 1. 500- Draw a curve that shows what happens in the market for smartphones if fewer firms produce smartphones but all other influences on selling plans remain the same. Label it S,. 400- Draw a point at the new equilibrium price and quantity. Label it 2. 300- 200- Do 100- Quantity (millions of smartphones per year) >>> Draw only the objects specified in the question.

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