Question

Honus Wagner, a major league baseball player from 1897 to 1917 and one of the first five men inducted into the Baseball Hall of fame, had his baseball card pulled from cigarette packs because he wasn't being paid for their distribution. What best describes the effect of his action on the market for his baseball card?

A. Supply shifted to the left, price rose, and quantity demanded fell.
B. Supply shifted to the left, price rose, and demand shifted to the left.
C. Demand shifted to the left, price fell, and quantity supplied fell.
D. Demand shifted to the left, price fell, and supply fell.

Answer 1

A

Step-by-step explanation:

The withdrawal of the card from the cigarette packs means that the quantity of the cards in the market fell, which is the same as saying that the supply curve shifted to the left. Since this curve has an upward slope, when it shifts to the left it means that prices rise. When prices rise, demand for goods falls.