3. As described in the textbook and podcast, during the 2010s, the Philadelphia 76ers basketball team were committed to "the Process" in which they traded away their best players as they sought high draft picks. Defining and applying appropriate economic concepts, explain: 1) what tanking is and why sports leagues consider tanking to be problematic; 2) why and how the structure of North American sports leagues incentivize tanking; 3) measures North American sports leagues have taken to disincentivize tanking; and 4) why such a strategy would not be successful in a European football (soccer) league.

4. Define and identify the differences between open leagues and closed leagues. After defining all relevant economic terms and identifying appropriate examples, you need to explain how these different structures impact incentives in regards to profit-maximizing and win-maximizing strategies.