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

Question

Responses

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

The equilibrium point would move downward along the supply curve because of a drop in demand.

Answer 1

In the case of baseball cards being considered a normal good, an increase in incomes would lead to an increase in demand for baseball cards. This is because consumers have more disposable income and are willing to purchase more of the good.

On a graph of supply and demand curves:

• The demand curve would shift to the right due to the increase in demand resulting from higher incomes.
• As a result, the equilibrium point would move to a higher quantity and a higher price.

Thus, the most appropriate response to describe this scenario is:

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