Answer to Question #326315 in Microeconomics for Riad

Question

Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedules are as follows:

price($) Quantity Demand Quantity Supply

4 10,000 8000

8 8,000 8000

12 6,000 8000

16 4,000 8000

20 2,000 8000

a. Draw the demand and supply curves. What is unusual about this supply curve? Why might this be true?

Answer 1

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