Assume there is a shortage in the market for smartphones. Which of the following statements correctly describes this situation?
a. The demand for smart phones is less than the supply of smartphones.
b. Some consumers will be unable to obtain smartphones at the market price and will have an incentive to offer to buy the product at a higher price.
c. Any buyer who is willing and able to pay the price will find a seller for smartphones.
d. The shortage will cause a decrease in the equilibrium price of smartphones.
e. The price of smartphones will rise in response to the shortage; as the price rises the quantity demanded will increase and the quantity supplied will decrease.