A company released a new video game system just in time for Christmas and many stores quickly sold out. Although the price of the system was only $350, they sold for over $2,000 on an online auction site. Which of the following economic principles best explains this event?

People respond to incentives because of self-interest.
The value of some objects increases relative to other objects.
The price of all goods will rise over time.
Competition among consumers increases prices.

@satellite73 @thesmartone @sleepyjess @timo86m @sammixboo I think it is D

Question

A company released a new video game system just in time for Christmas and many stores quickly sold out. Although the price of the system was only $350, they sold for over $2,000 on an online auction site. Which of the following economic principles best explains this event?

 People respond to incentives because of self-interest.
 The value of some objects increases relative to other objects.
 The price of all goods will rise over time.
 Competition among consumers increases prices. 

@satellite73 @thesmartone @sleepyjess @timo86m @sammixboo I think it is D

sleepyjess · Answer

I agree with you, but I would get a second opinion...

greencat · Answer

An experienced strategic advisor would be better able to assess the outcomes of your business's actions.

thesmartone · Answer

Looks correct to me :)

greencat · Answer

I think it's D.