Helped by Desktop Publishing, the Number of Vintage Baseball Card

question 2

Multiple Choice

Helped by desktop publishing, the number of vintage baseball card forgeries has flooded the market for vintage baseball cards. Dealers left the market for fear of purchasing a phony. What was the effect on the market for vintage baseball cards assuming phonies could not be detected?

• A) Demand shifted to the left, supply did not change, price declined, and quantity traded declined.
• B) Supply shifted to the right, demand did not change, price declined, and quantity traded rose.
• C) Supply shifted to the right, demand shifted to the left, and price rose.
• D) Supply shifted to the right, demand shifted to the left, and price declined.

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Definitions:

Long Run

A period sufficient for all inputs, including physical capital and labor, to be adjusted in the production process.

Industry Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of the industry over a period of time.

Marginal Cost Curves

Graphs that depict the cost of producing one additional unit of a good or service, typically showing how costs vary with production volume.

Short-run

A time frame in which at least one factor of production is fixed, limiting adjustments to production levels.