Question: the inverted jenny is a rare us postage stamp that...
The “Inverted Jenny” is a rare U.S. postage stamp that was issued in 1918. What makes it unusual is that the Curtiss JH-4 plane in the center of the stamp was printed upside down by mistake. Only 100 of these stamps were ever sold, and they are highly prized: in November 2018, one sold for almost $1.6 million.
The price of the Inverted Jenny has fluctuated widely over time. Use a demand and supply diagram to show and explain the effect on the price of an Inverted Jenny as a result of each of the following:
- The 2008 financial meltdown: many of the buyers of rare stamps are Wall St. financiers.
- An Inverted Jenny gets sucked into a vacuum cleaner and gets badly damaged. [This actually happened.]
- A block of four Inverted Jennies gets destroyed in a fire. [This is hypothetical.]