Even when the demand for one good is high, the price of the good is also affected by supply. The textbook illustrates this by comparing the price of two items that were auctioned on the same day
Which of the following describes the results of the auction?
A) A letter written by Abraham Lincoln sold for a higher price than a letter written by John Wilkes Booth.
B) A letter written by John Wilkes Booth sold for a higher price than a letter written by Lee Harvey Oswald.
C) A letter written by Abraham Lincoln was sold for a higher price than a letter written by Adam Smith.
D) A letter written by John Wilkes Booth sold for a higher price than a letter written by Abraham Lincoln.
D
You might also like to view...
Which of the following is a negative effect of economic growth?
A) higher inflation B) environmental pollution C) higher unemployment D) all of the above
Even if college imparted no additional knowledge to its graduates, they are likely to earn more because _____
a. firms like to say they only hire college graduates b. of the connections that one makes in college c. a college degree sends a signal of innate ability to employers d. their parents help them get a job