Auctions in recent years have resulted in higher prices paid for letters written by John Wilkes Booth than those written by Abraham Lincoln. What is a reason for this difference in price?
A) Booth was a well-known actor; the demand for his letters rose as wealthy actors attempted to buy them.
B) Many people are more fascinated by villains and anti-heroes than by heroic figures.
C) There are more letters available for collectors to buy that were written by Lincoln than there are letters that were written by Booth.
D) There is a surplus of letters written by Booth and a shortage of letters written by Lincoln.
C
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Answer the following statement(s) true (T) or false (F)
1. If a firms fixed costs increase from $2,000 to $3,000, then its marginal cost is $1,000. 2. If a firm can sell one more unit of its product for $7 and the marginal cost of producing that one more unit is only $5, then it should definitely produce and sell one more unit.
The one disadvantage of paper money is that it is easier to
a. duplicate and counterfeit. b. carry. c. divide. d. store and use at a later time.
Price discrimination refers to a system of pricing
a. based on buyer income rather than buyer demand conditions, so the poor pay more than the rich. b. that is always more profitable than simple "single-price" pricing. c. that forces customers who require more service to pay higher prices. d. where consumer groups with a more elastic demand for the product are charged lower prices.
How did people like Mark Zuckerberg of Facebook and the late Steve Jobs of Apple become so rich?
A) by obtaining large subsidies from powerful politicians B) mostly by stealing from those who were less fortunate C) by providing highly valued goods and services to consumers at attractive prices D) by acquiring more years of schooling than almost anyone else