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Which of the following could explain the changes seen in the graph below if it is the market for soccer cleats? P

Which of the following could explain the changes seen in the graph below if it is the market for soccer cleats? P

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Which of the following could explain the changes seen in the graph below if it is the market for soccer cleats? P р D2 S2
Transcribed Image Text:Which of the following could explain the changes seen in the graph below if it is the market for soccer cleats? P р D2 S2
Question P q A. The price of leather falls and the price of a soccer ball falls OB. The price of the plastic moulding on cleats goes up and more consumers prefer soccer to hockey now OC. producers of athletic shoes get tax cuts and the price of shoelaces rise OD. Sewing machines used to sew cleats get better and the popularity of baseball rises
Transcribed Image Text:Question P q A. The price of leather falls and the price of a soccer ball falls OB. The price of the plastic moulding on cleats goes up and more consumers prefer soccer to hockey now OC. producers of athletic shoes get tax cuts and the price of shoelaces rise OD. Sewing machines used to sew cleats get better and the popularity of baseball rises
Expert Solution
Step 1

Demand curve depicts the relationship between the price level in the market and also the quantity demanded at each price level .

Whereas ,

Supply curve represents the relationship between the market price level the quantity sellers are willing to provide at these levels .

 

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