Problem
Suppose that you have been collecting vintage lightning rods for the past 30 years. When you began, finding lightning rods for sale meant drifting from town to town and antique store to antique store hoping that you would find a lightning rod for sale. The availability made possible by the Internet now means that you can easily find hundreds of lightning rods for sale at any given time.
a. Draw a diagram showing how the invention and popularization of the Internet have caused the demand curve for lightning rods to shift.
b. Suppose that the only change in the market for lightning rods is the change you described in (a). How would that change affect the equilibrium price of lightning rods and the equilibrium quantity of lightning rods sold?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.