ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.What is likely to happen to the price of the sneakers over the next several weeks?
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People will refuse to buy these sneakers.
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The price for the sneakers will not change.
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The price will fall as people learn Lebron James wears them.
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The price of the sneakers will rise as more people want similar sneakers.
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Explanation:
Detailed explanation-1: -A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise. What is likely to happen to the price of the sneakers over the next several weeks? People will refuse to buy these sneakers.
There is 1 question to complete.