The iPhone debuted in January 2007. In the 10 years since then, smartphones have revolutionized and enriched our lives in many ways, and they are continuing to do so. According to the International Telecommunications Union, a specialized agency of the United Nations for information and communication technologies, there were more than 7 billion mobile cellular subscriptions at the end of 2015, a little less than the world's population at that time (ITU, n.d.). Among many other things, smartphones have dramatically increased access to information at a relatively low cost. Use side-by-side diagrams to illustrate how this technological innovation affected the long-run supply curve and the equilibrium in the market for information.