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?

The supply curve would shift to the left.

The equilibrium point would move downward along the supply curve.

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

The equilibrium point would move upward along the supply curve.

An increase in incomes would be modeled in a graph of the supply and demand curve for baseball cards in that "The supply curve would shift to the left". The correct answer is A (the first option).

When referring to a supply or demand curve on a graph, both will follow the same rule:

When supply/demand increases, the curve will shift to the right
When supply/demand decreases, the curve will shift to the left.

The question states that an increase in income would cause the population to purchase more baseball cards. This means that the demand for baseball cards will increase, which causes the supply of cards to decrease (they are inversely proportional). Since the supply will decrease, the supply curve on a graph will shift to the left.

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cassiedrumm cassiedrumm · Answer 2 · 2021-10-27T21:48:20+02:00

cassiedrumm cassiedrumm

27-10-2021

Answer:

The equilibrium point would move upward along the supply curve.

Explanation:

An increase in incomes will shift the demand curve to the right, not the supply curve.

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