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The music business has been in a funk ever since 2001. Sales of albums in the U.S. by 2008 were down 45% from their 2000 peak. But over that same period, concert-ticket sales revenues have more than doubled to 4.2 billion in 2008 despite significant increases in average concert ticket prices, according to trade magazine Pollstar. (See Charts below)

A) Draw a supply/demand diagram showing the CHANGES in the market for live rock concerts over the period 1998 and 2008 that is consistent with the facts given above (and in the charts below) about ticket prices and ticket sales volume. Be sure to clearly label your axes and all lines in your diagram.

Microeconomics, Economics

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