Please answer and correct the answer in question Suppose volleyballs are produced in aperfectly competitive market. In 1995, themarket for volleyballs was in long-runequilibrium wherein the price of eachvolleyball was $5 and two million volleyballswere produced each year. Then, the U.S.Women's Softball Team won the first goldmedal awarded in softball at the 1996Olympic Games held in Atlanta, GA. As aresult, softball became very popular amongteenage girls and young women, whilevolleyball became much less popularthroughout the country. A. What would themodel of perfect competition suggesthappened to the market for volleyballs inthe short run following the 1996 Olympics?Provide as complete an answer as possible.B. What would the model of perfectcompetition suggest happened to themarket for volleyballs in the long runfollowing the 1996 Olympics? Provide ascomplete an answer as possible.

In the given scenario, we are provided with brief case study of volleyball market from 1995 to 1996,…

Answered: B. What would the model of perfect…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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B. What would the model of perfect competition suggest happened to the market for volleyballs in the long run following the 1996 Olympics? Provide as complete an answer as possible.