The prices of seats on major financial exchanges have plummeted dramatically in recent years. For example, at

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The prices of seats on major financial exchanges have plummeted dramatically in recent years. For example, at the Chicago Board of Trade, the world’s biggest futures exchange, a membership seat sold for $ 300,000 in 2012, down 65 percent from a record of $ 858,000 in 1997. Explain, using a graph, why the decline in the value of such seats may be related to the growth of electronic trading.

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Microeconomics Theory and Applications

ISBN: 978-1118758878

12th edition

Authors: Edgar K. Browning, Mark A. Zupan

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