Identify whether each of the following transactions will take place in an input market or in an output market, and whether firms or households are demanding the good or service or supplying the good or service. Anderson works 37 hours each week as a clerk at the county courthouse. Mei Lin purchases a 3-week Mediterranean cruise vacation for her parents. Toyota doubles employment at its San Antonio, Texas factory. The Greyson family sells their 250-acre ranch to Marriott so it can build a new resort and golf course. 3.3 Demand in Product/Output Markets Learning Objective: Understand what determines the position and shape of the demand curve and what factors move you along a demand curve and what factors shift the demand curve. 3.1 [Related to the Economics in Practice] Merchandise sales for professional sports leagues is a multibillion dollar business, and leagues such as the NBA, the WNBA, the NWSL, NFL, and MLB have strict licensing rules for official league merchandise. Suppose you are a huge basketball fan and wish to purchase an authentic pro jersey in large. Go to the NBA Store’s Website at store.nba.com or the WNBA website at wnbastore.nba.com and click on “Jerseys.” Select a team and then click on “Authentic” and find the price of the jerseys. Do the same for two other teams. Would the jerseys you found be considered perfect substitutes or just substitutes? Why? Do you think there are other products available that would be considered substitute products for the authentic jerseys you looked up? Briefly explain. 3.2 Explain whether each of the following statements describes a change in demand or a change in quantity demanded, and specify whether each change represents an increase or a decrease. Julia believes the price of tires will rise next month, so she purchases a set of four for her pickup truck today. After an article is published asserting that eating quinoa causes hair loss, sales of quinoa drop by 75 percent. The Oink-N-Chew company experiences a significant decline in sales when it doubles the price of its bacon-flavored bubblegum. An increase in the federal minimum wage results in a decline in sales of fast food. An unexpected decrease in the price of peanut butter results in an increase in banana sales.