Question

The Chicago Cubs were a founding member of the National League in 1876. The Chicago White...

The Chicago Cubs were a founding member of the National League in 1876. The Chicago White Sox were a founding member of the American League which was formed later in 1901.

What likely happened to the demand for Cubs tickets when the White Sox became a team in 1901? Make sure you address what shift likely occurred (up or down), and what happens to the slope of the demand curve (more flat or more steep).

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Answer #1

When there was just one professional team in Chicago, the Chicago clubs, before 1901 when Chicago White Sox was founded, there was monopoly as far as demand for Chicago clubs tickets is concerned, due to the club tickets must have been highly demanded.

However, after 1901, when the Chicago White Sox was formed, for people purchasing tickets for watching games, there were now two options to choose from., which means would have led to fall indemand for cluns tickets, and therefore, the demand curve must have shifted down.

As far as slope of the demand curve is concerned, it would have become steeper as elasticity of demand for the tickets have fallen down with increase in supply or opportunity to watch White Sox.

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