14. Will Shakespeare is a struggling playwright in sixteenth-century London. As the price he receives for writing a play increases, he is willing to write more plays. For the following situations, use a diagram to illustrate how each event affects the equilibrium price and quantity in the market for Shakespeare’s plays.
The playwright Christopher Marlowe, Shakespeare’s chief rival, is killed in a bar brawl.
The bubonic plague, a deadly infectious disease, breaks out in London.
To celebrate the defeat of the Spanish Armada, Queen Elizabeth declares several weeks of festivities, which involves commissioning new plays.