When the demand for a popular new smartphone significantly increases while its supply remains unchanged, what is the most likely immediate effect on the market?

The correct answer to the question "When the demand for a popular new smartphone significantly increases while its supply remains unchanged, what is the most likely immediate effect on the market?" is Option C: The market price of the smartphone will increase..

The other options — A) The market price of the smartphone will decrease., B) The quantity supplied of the smartphone will decrease., D) The smartphone will become a free good. — are incorrect for this GED Exam Prep question. As explained above: According to the laws of supply and demand, if demand rises and supply stays constant, consumers will compete for the limited product, driving its price up until a new equilibrium is reached.