Auctions in Recent Years Have Resulted in Higher Prices Paid

question 24

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.What is a reason for this difference in price?

• A)There is a surplus of letters written by Booth and a shortage of letters written by Lincoln.
• 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)Booth was a well-known actor; the demand for his letters rose as wealthy actors attempted to buy them.

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Definitions:

Percent Change

The measure of how much a quantity has grown or shrunk, represented as a percentage of the original quantity.

Unit Price

The price attributed to an individual unit of a product or service.

Retail Price

The price at which a product is sold to the end consumer, incorporating all costs plus a profit margin.

Simplify

To make something easier to understand or to reduce to a simpler form.