Suppose the market price for pitchers is $1 million per year. A pitcher who is currently in one team is offered this salary by another team and chooses to leave. Under what circumstances will the...

Suppose the market price for pitchers is $1 million per year. A pitcher who is currently in one team is offered this salary by another team and chooses to leave. Under what circumstances will the pitcher’s current team try to outbid the other team? (Related to Application 1 on page 645.)