Question
Baseball cards are considered to be a normal good. This means that, as incomes rise, consumers are willing and able to purchase greater quantities of baseball cards. How would an increase in incomes be modeled in a graph of the supply and demand curves for baseball cards?
a
The equilibrium point would move upward along the supply curve.
b
The equilibrium point would move downward along the supply curve.
c
The supply curve would shift to the right.
d
The supply curve would shift to the left.
a
The equilibrium point would move upward along the supply curve.
b
The equilibrium point would move downward along the supply curve.
c
The supply curve would shift to the right.
d
The supply curve would shift to the left.
Answers
Bot
a - The equilibrium point would move upward along the supply curve.