Question
Complete this market graph: In the past few years, fewer young people are playing musical instruments, as TikTok and video games hold more appeal. At
Complete this market graph:
In the past few years, fewer young people are playing musical instruments, as TikTok and video games hold more appeal. At the same time, due to increased scarcity and transportation costs, the prices of brass, wood, and reeds are increasing. Identify the appropriate changing non-price determinant(s) and draw a clear market equilibrium graph to illustrate what is happening in the market for musical instruments.
1. Explain which non-price determinant(s) of demand and/or supply are changing.
2. Draw your own graph on a piece of paper (don't download a graph from the internet).
3. Clearly label all axes, lines, and equilibriums. Include all relevant information.
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