1. (Substitution and Income Effects) Distinguish between the substitution effect and income effect of a price change. If a good's price increases, does each effect have a positive or a negative impact on the quantity demanded
2. (C a s e S tudy: The Market for Professional Basketball) In what sense can we speak of a market for professional basketball? Who are the demanders and who are the suppliers? What are some examples of how changes in supply or demand conditions have affected this market?