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:

Information Silos

Refers to a situation in which information is isolated within a department or unit within an organization, leading to inefficiencies and lack of synergy between different parts of the organization.

FAIS

Functional Area Information System, systems designed to manage data and information specific to the operations of a particular department or function within an organization.

Three Square Market

A company known for implementing microchip technology for employees, facilitating transactions and access within their facilities.

Microchip Insertion

The process of embedding a microchip, a small semiconductor device containing integrated circuits, into various objects, devices, or even living organisms for identification, data storage, or tracking purposes.