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:

Economically Productive

Activities or processes that generate goods or services which have value and contribute to the economy.

Convey Information

The act of communicating or transmitting information from one entity to another.

Service Industries

Sectors of the economy that provide intangible products such as healthcare, education, and financial services.

Monopolistically Competitive

Describes a market structure where many companies sell products that are similar but not identical, allowing for competition based on price, quality, and marketing.