Who are the demanders and who are the suppliers

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1. (Substitution and Income Effects) Distinguish between the substitution effect and income effect of a price change. If a good's price increases, does each effect have a positive or a negative impact on the quantity demanded

2. (C a s e S tudy: The Market for Professional Basketball) In what sense can we speak of a market for professional basketball? Who are the demanders and who are the suppliers? What are some examples of how changes in supply or demand conditions have affected this market?

Reference no: EM131003944

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