Auctions in Recent Years Have Resulted in Higher Prices Paid

question 61

Multiple Choice

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 increases.
• 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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