If the demand for letters written by Abraham Lincoln is higher than the demand for letters written by John Wilkes Booth,what would have to be true for the market equilibrium prices for these letters to be equal?
A)The supply of Lincoln letters would have to be less than the supply of Booth letters.
B)The supply of Booth letters would have to be less than the supply of Lincoln letters.
C)The supply of Lincoln letters and the supply of Booth letters would have to be equal.
D)If the demand for Lincoln letters is greater than the demand for Booth letters,the market equilibrium price for Lincoln letters will always be greater than the market equilibrium price for Booth letters.

Question

Quizplus · Accepted Answer

For the market equilibrium prices to be equal, the supply of Booth letters would have to be less than the supply of Lincoln letters. This is because the demand for Lincoln letters is already higher than the demand for Booth letters, and if the supply of Booth letters were also lower, then the equilibrium price for Booth letters would increase, balancing out the higher demand for Lincoln letters.

If the Demand for Letters Written by Abraham Lincoln Is