Even When the Demand for One Good Is High,the Price

question 49

Multiple Choice

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 Abraham Lincoln was sold for a higher price than a letter written by Adam Smith.
• C)A letter written by John Wilkes Booth sold for a higher price than a letter written by Lee Harvey Oswald.
• D)A letter written by John Wilkes Booth sold for a higher price than a letter written by Abraham Lincoln.

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Definitions:

Biopsychosocial Approach

An integrated perspective that incorporates biological, psychological, and social-cultural levels of analysis in understanding health and illness.

Cheerfulness

A mood or disposition characterized by a sense of happiness, optimism, and contentment.

Optimistic Expectations

The disposition or tendency to anticipate favorable outcomes and to view the future with confidence and hope.

Psychodynamic

An approach in psychology that emphasizes systematic study of psychological forces underlying human behavior, feelings, and emotions, and how they might relate to early experiences.