ECNS203 Montana Tech Ch 7 & 8 Markets Still Supply and DemandQuestions

Please answer the questions in each chapter.

Chapter 7, questions 3,4 See CH7 notes for help
Chapter 8, questions 1,8 See CH8 notes for help

Write a brief discussion about the following.

1- Prior to the the 1970s, Major League Baseball operated with a reserve clause where players were bound to a single team for their entire playing career and free agency was not an option. In 1974, the courts allowed baseball players to become free agents, and sign with any team.

The union, representing the players, devised a system so that only a few players would be eligible for free agency in any one year. Using economic reasoning, explain why the player’s union would be interested in a system where only a limited number of players would be eligible for free agency in a given year.

2- A few years ago, the magazine Rolling Stone published an article stating the actual price of a gallon of gasoline was actually close to $12.00 a gallon. Use your understanding of chapter 8 to explain the economic logic behind this statement.

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