uiz: Chapter 3 Quiz is Question: 10 pts 50110 (4 complete) | Refer to the graphs below. Each graph shows the supply curve for smartphones Figure 1 . Figure 2 S1 Quantty Quantity Figure 1 illustrates_ and Figure 2 illustrates A, a decrease n the price of an nput an increase in the price of a substitute n production O B. an increase in the expected future price of the product a decrease in the number of firms if the markt C, an increase in productivity, a decrease in the price of an input D. an increase in the price of a substitute in production: an increase in the number of firms in the market Click to select youf answer F1 F3 FS F6 F7 F8 F9 Solution The correct answer is B First figure shows an increase in Supply of mobile phones. Expected future price increase induces producers to supply more phones. The second figure shows decline in number of firms, thereby reducing the supply at each price point and shifting the supply curve leftward..