Figure 3-6 -Auctions in Recent Years Have Resulted in Higher Prices Paid

question 328

Multiple Choice

Figure 3-6
-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 Booth letters decreases.
• B) The supply of Lincoln letters increases.
• C) The demand for Lincoln letters increases, and the supply of Booth letters increases.
• D) The demand for Lincoln letters decreases, and the demand for Booth letters increases.

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Definitions:

Icon

A symbol or graphic representation on a screen; or a person or thing regarded as a representative symbol or as worthy of veneration.

Echo

A reflected sound wave that is heard again by the emitter or another listener because the sound waves bounce off objects.

Sensory Registers

The initial processing systems in the brain that hold incoming information from the senses for a very brief period of time.

STM

Stands for Short-Term Memory, which is the capacity for holding a small amount of information in an active, readily available state for a short period of time.