Auctions in recent years have resulted in higher prices paid for letters written by John Wilkes Booth than those written by Abraham Lincoln. Which of the following events would cause the price differences in these letters to get smaller?
A) The demand for Lincoln letters decreases and the demand for Booth letters increases.
B) The demand for Booth letters increases.
C) The demand for Lincoln letters increases and the supply of Booth letters increases.
D) The supply of Lincoln letters increases.
C
Economics
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Suppose Ariana deposits $75,000 in her bank. If the reserve ratio is 20 percent, this will lead to a maximum increase of ________ in checking account balances throughout all banks
A) $15,000 B) $375,000 C) $750,000 D) $1,500,000
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An external cost is created when you
A) buy a sandwich for lunch. B) litter on the side of the road. C) graduate from college. D) buy flowers for your mother on Mother's Day.
Economics