Economics The following graph should be used to answer the next two questions; i

Question

Economics

The following graph should be used to answer the next two questions; itrefers to demand and The following graph should be used to answer the next two questions; itrefers to demand and supply for NBA basketball. The solid lines refer to the original demand and supply; the dotted supply for NBA basketball. The solid ines refer to the original demand and supply; he dotted lines to demand and supply after they have shifted. lines to demand and supply after they have shifted. Price Price Which of the following is the most plausible explanation for the changes? What does the graph show has happened in the market? O The price of basketball players rose while the price of basketballs fell O Demand has increased: supply has deaeased. O The price of basketball players rose while the price of NHL hookey games (a substitute) fell. O Demand has decreased: supply has increased. O The price of basketball players fell while income increased, and NBA basketball is a normal good. O Demand has increased: supply has increased. O The price of hockey players rose while the cost of basketball jerseys fell. O Demand has decreased: supply has deareased.

Explanation / Answer

1) Demand has decreased, supply has increased

2)The price of basketball players rose while the price of NHL hockey games fell

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