Auctions in Recent Years Have Resulted in Higher Prices Paid

question 264

Multiple Choice

Auctions in recent years have resulted in higher prices paid for Jacques Plante (goalie ) hockey cards than Sidney Crosby (forward ) rookie cards.What is a reason for this difference in price?

• A)There is a surplus of Plante hockey cards and a shortage of Crosby rookie cards.
• B)Many people are more fascinated by hockey goalies than by hockey forwards.
• C)There are more Crosby rookie cards available for collectors to buy than there are Plante cards.
• D)Plante was the first goalie to wear a mask in a game; the demand for his cards rose as wealthy former goalies attempted to buy them as thanks for still having teeth.

Understand why demand is more elastic in the long run compared to the short run.

Understand the relationship between demand elasticity and expenditure on items, including luxuries versus necessities.

Understand the concept of cross-price elasticity of demand and how it influences consumer choices.

Comprehend the impact of income changes on demand elasticity for different products.

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Definitions:

Hydrogen Ion

A positively charged ion or proton, H+, which is common in acid-base reactions in chemistry and biological systems.

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Refers to the way in which different parts of an organism or system are arranged and work together.

Organelle

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Chemical Bonds

Attractive forces that hold atoms together in compounds, crucial for the formation of molecules and materials.