7. (3 points) Among other things, Instagram and Facebook introduced platforms through which individ- ual cheerleaders could publicize themselves, or advertise for complementary services (e.g., spokesper- son, acting, brand ambassador). Would increasing access to social media put upward or downward pressure on the wages NFL teams paid to cheerleaders? Why? (In 2021, NFL cheerleaders brought suit against the National Football League, claiming that they were not being fairly compensated. In short, the issue was resolved in a way that amounted to cheerleaders receiving the protections associ- ated with state and federal minimum wage mandateswhere they had been earning as low as $5/hr, they must now earn minimum wage. Most NFL cheerleaders now earn between $1,500 and $3,000 annually.

8. (4 points) A firm mandates that every C-level employee will now donate $5,000 to local charities. Demonstrate what you expect to happen using the graph of consumption/leisure below.

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Answers to Supply and Demand Questions 7 Impact of Social Media on Cheerleader Wages Increased access to social media would likely put downward pressu... View the full answer