suppose that the price of basketball tickets at your college is determined by market forces currently, the demand and supply schedule are as follows?
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Foot , Base ; basket , cricket which is odd one
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The supply schedule is a constant line i.e a straight line.
The demand schedule is a variable slope with either upward or downward trajectories.
- For example, there is a highly famous team the school is playing against, then the demand curves have a slope upwards and the supply curve gets nullified.
- There is a regular match with no much buzz, then the demand slope is downwards and the supply curve is constant.
- Here, we aren't taking into consideration the tickets on the blackmarket or hoarded seats.
- Thus, in most cases the supply schedule is constant and the demand schedule is a variable slope with either upward or downward trajectories
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