1. "Hockey players are crazy if they think the NHL can survive free agency. Salaries will go out of the roof and, teams will bid so high for a few outstanding players, that they will be financially...

Extracted text: 1. "Hockey players are crazy if they think the NHL can survive free agency. Salaries will go out of the roof and, teams will bid so high for a few outstanding players, that they will be financially ruined." This comment was made in the Vancouver Sun almost 15 years ago. Salaries have risen a great deal, and yet the NHL have survived. What is the mistake made in the analysis? 2. Draw a market demand and supply curve, making sure you label the graph carefully. Suppose the government passes a price floor law that states the price of the good cannot fall below a certain price. Draw this situation in your graph. What is the new quantity demanded? Quantity supplied? İs there a shortage or surplus?