Assume that the original manuscript of Adam Smith's the Wealth of Nations is discovered and the estate auctions it off to the highest bidder a price of $1,000,000 show with the use of a graph what takes place and explain the process.

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The Answer is <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2936/11eb113c_c5d0_3a7a_a29b_8fdbb199184a_TB2936_00.jpg" alt="  There is some price that will clear any market, even if supply is strictly limited. In an auction for a unique item, the price (bid) will rise to eliminate excess demand until there is only one bidder willing to purchase the single available painting. In the above graph the equilibrium quantity is one and the equilibrium price is $1,000,000 after all other bidders drop out of the auction." class="answers-bank-image d-block" rel="preload" > There is some price that will clear any market, even if supply is strictly limited. In an auction for a unique item, the price (bid) will rise to eliminate excess demand until there is only one bidder willing to purchase the single available painting. In the above graph the equilibrium quantity is one and the equilibrium price is $1,000,000 after all other bidders drop out of the auction.

Assume That the Original Manuscript of Adam Smith's the Wealth