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Use a labor supply and labor demand graph to show why salaries in the NBA went...

Use a labor supply and labor demand graph to show why salaries in the NBA went down in 2009–2010. Explain why the curves moved the way they did.

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Answer #1

As we know that the country and the world went through the global financial crisis between 2007-2009. This recession is considered as one of the greatest financial crisis in the US economy after the great depression of the 1930s.

The recession caused massive unemployment, and fall in real wages and incomes of people, which in turn led to fall in demand and subsequently prices of NBA tickets. The fall in demand for NBA tickets meant fall in revenue for NBA teams which led to decrease in salaries in NBA.

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