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.

Understand the basic concepts and terminology in linguistics such as phonetics, morphemes, and syntax.

Recognize the significance of observation, imitation, and language in human learning.

Identify the classification, properties, and functions of symbols and signs in communication.

Acknowledge the estimated number of languages existing today and historical language diversity.

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Definitions:

Individual Achievement

The accomplishment of personal goals or the attainment of success in specific tasks by an individual, often recognized or measured by external standards.

Blau

Refers to Peter Blau, a notable sociologist known for his contributions to the study of social structure and interpersonal dynamics.

High-Class Standing

Refers to individuals or groups holding a position of superior social status, often associated with wealth, education, and power.

Inheritance

The process by which possessions, titles, debts, rights, and obligations are passed from one generation to the next, often upon the death of an individual.