Final answer:
The good will typically sell for the highest bid in a competitive bidding process for a single unit. This is in line with the economic principles of supply and demand and the law of demand, but the competitive nature of bidding drives the price to the highest offer made.
Step-by-step explanation:
If there is only one unit of a good and if buyers bid against each other for the right to purchase it, then the good will typically sell for the highest bid. This is because the bidding process is competitive, and each buyer will try to outbid the others for the right to purchase the good, driving up the price. This scenario is reflective of the principles of supply and demand, where the price is what a buyer pays for a unit of the specific good or service, and the quantity demanded denotes the total number of units that consumers would purchase at that price. The law of demand states an inverse relationship between price and quantity demanded, where a rise in price typically leads to a decrease in quantity demanded, and vice versa. However, in a competitive bidding situation for a single unit, the item goes to the highest bidder. This is distinct from a market situation where multiple units are available at various prices, which affects the overall quantity demanded of that good.