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 Abraham Lincoln.
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 Lee Harvey Oswald.
B
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In which one of the following currencies is an international loan likely to be measured?
a. German mark b. Japanese yen c. Chinese yuan d. Swiss franc
Which pair of market structures provides firms with the greatest ability to finance R&D out of retained earnings?
A. Oligopolists and pure monopolists. B. Pure competitors and pure monopolists. C. Pure competitors and monopolistic competitors. D. Monopolistic competitors and pure monopolists.
Which of the following is an example of an agency concerned with social regulation?
A) Federal Communications Commission B) Securities and Exchange Commission C) Consumer Product Safety Commission D) Federal Energy Regulatory Commission
Who controls a sole proprietorship?
A) stockholders B) bondholders C) the owner D) all of these