Question

Suppose there is a drastic decrease in excise taxes levied against the suppliers of baseball equipment. What can we expect to see in the market for baseball bats

Answer 1

People often play baseball as sport. The thing one can we expect to see in the market for baseball bats are:

• Supply increases

• Equilibrium price decreases

The relationship between the supply and prices of goods

There is said to be a kind of inverse relationship that exist between the supply and prices of goods and services when demand does not change or is not altered.

An increase in supply for goods and services and also at the same time if demand is still the same, prices will fall so as to a lower equilibrium price and then there is a higher equilibrium quantity of goods and services.

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