Which scenarios are accurate descriptions of the impact of supply and demand on prices?
Choose the two correct answers.
Demand for a certain brand of television rises, so fewer TVs are available and prices rise.
The supply of a smartphone grows over a period of time, resulting in overall lower prices.
As oil production decreases in an economy, the price of gas drops.
A company decreases the supply of a smartphone that has just been released to the public, and demand for the phone falls.