If the demand for Sidney Crosby hockey cards is greater than the demand for Jacques Plante hockey cards, what would have to be true for the market equilibrium prices for these hockey cards to be equal?
A)The supply of Crosby hockey cards would have to be less than the supply of Plante hockey cards.
B)The supply of Plante hockey cards would have to be less than the supply of Crosby hockey cards.
C)The supply of Crosby hockey cards and the supply of Plante hockey cards would have to be equal.
D)If the demand for Crosby hockey cards is greater than the demand for Plante hockey cards, the market equilibrium price for Crosby hockey cards will always be greater than the market equilibrium price for Plante hockey cards.

Question

Quizplus · Accepted Answer

If the demand for Sidney Crosby hockey cards is greater than the demand for Jacques Plante hockey cards but the prices are equal, it would imply that the supply of Crosby hockey cards is greater than the supply of Plante hockey cards. This is because in equilibrium, the quantity supplied must equal the quantity demanded at a given price. Therefore, if the demand for Crosby cards is greater than the demand for Plante cards at the same price, it implies that more Crosby cards are being supplied relative to the demand, and vice versa for Plante cards. So, in order to keep the prices equal, the supply of Plante hockey cards would have to be less than the supply of Crosby hockey cards. Therefore, the correct answer is B.

If the Demand for Sidney Crosby Hockey Cards Is Greater