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Effect on price and quantity exchanged in the market

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Reference no: EM131674325

Question: You know the following facts:

a) the Boston Celtics have just won the 1989 NBA championships with the LA Lakers. Both Larry Bird and Magic Johnson, wearing Converse basketball shoes, have played magnificently. As a result, millions of young boys and girls wish to emulate them in every particular.

b) Nike invests in new equipment that significantly increases labor productivity. What is the effect on Price and Quantity exchanged in the market for Nike basketball shoes?

A. quantity exchanged would decrease and price would be indeterminate.

B. price and quantity exchanged would both decrease.

D. price would decrease and quantity exchanged would be indeterminate.

E. there is not enough information to determine either price or quantity.

Reference no: EM131674325

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