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 letter written by John Wilkes Booth sold for a higher price than a letter written by Abraham Lincoln. A letter written by John Wilkes Booth sold for a higher price than a letter written by Lee Harvey Oswald. A letter written by Abraham Lincoln sold for a higher price than a letter written by John Wilkes Booth. A letter written by Abraham Lincoln was sold for a higher price than a letter written by Adam Smith.
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Even when the demand for one good is high, the price of the good is also affected by supply. The tex...
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