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.

Question

Quizplus · Accepted Answer

By pulling his card from circulation, the supply of Honus Wagner's baseball card decreased, leading to a leftward shift in the supply curve. This reduction in supply caused the price of the card to rise, and as a result, the quantity demanded fell.

Honus Wagner, a Major League Baseball Player from 1897 to 1917