Baseball cars are considered to be a normal good. This means that, as income rises, consumers are willing and able to purchase greater quantities (more) baseball cards. How would an increase in incomes be models in a graph of supply and demand curves for baseball cards? (1 point)

Question

Baseball cars are considered to be a normal good. This means that, as income rises, consumers are willing and able to purchase greater quantities (more) baseball cards. How would an increase in incomes be models in a graph of supply and demand curves for baseball cards? (1 point)
Responses

The equilibrium point would move upward along the supply curve because of the increase in demand. 
The equilibrium point would move upward along the supply curve because of the increase in demand.

The supply curve would shift to the left. 
The supply curve would shift to the left.

The supply curve would shift to the right.

GPT-4o mini · Answer

In the case of baseball cards being a normal good, an increase in income would lead to an increase in demand for baseball cards.

In a graph of supply and demand curves for baseball cards, this increase in demand would be represented by a rightward shift of the demand curve. As a result, the equilibrium point would move to a higher quantity and a higher price.

Therefore, the correct response is not listed among your options. However, if we frame the situation based on what you've provided:

The correct interpretation related to the demand increase (not supply) is:

The equilibrium point would move to a higher quantity and price due to the increase in demand.

If you must select one from your provided responses, then the closest might be:

"The equilibrium point would move upward along the supply curve because of the increase in demand."

This is because the increase in demand will lead the market to a new equilibrium point that would be at a higher price and quantity, although it is important to clarify that you are moving to a new equilibrium, not along the same supply curve.