That is also, more commonly known as the IAC, Idle Air Control (valve), with Idle in the name because it primarily, only effects idle. I suppose if it gets stuck it could effect higher RPMs too but I suspect the higher the RPM, the less it's going to matter. I noticed your picture is similar to a listing on ebay. I hope you didn't pay too much.
The Motorcraft branded one is $80 on Rock Auto, but it is made by Hitachi and the same thing under their brand name is $55 +S/H on RA, or even cheaper at $54 on Amazon by getting free shipping. No real reason to pay more for Motorcraft when you can cut out their middleman markup for the same part, just lacking the motorcraft stamped number on the end:
RockAuto ships auto parts and body parts from over 300 manufacturers to customers' doors worldwide, all at warehouse prices. Easy to use parts catalog.
www.rockauto.com
Amazon product ASIN B00GTHFCGK
Oh wait, Amazon Warehouse happens to have that as a scratch 'n dent box item for a mere $12. I'd buy that in a heartbeat even if you have to pay return shipping on the one from ebay:
Edit: The forum code may have stripped out the needed URL variables, click on "New & Used (14) from $12.47" on the above linked amazon page to see it. Heh, I'd buy it myself if you don't want it but the IAC changed between '98 and '99 so it doesn't fit mine.
Regardless, I doubt it is the problem, but I suppose it's possible and well worth having a spare for a mere $12. $100, not so much. I have two already but have managed to just clean them out a few times over the years to keep them working so the spare is so I have a clean one to swap on already when I take the dirty one off.
Edit2: For anyone with a '98 4L SOHC (maybe older '97 too?) Amazon also has a Standard Motor Products AC291 for $18 as a warehouse item. It's probably a grade lower in quality than the Motorcraft/Hitachi, but still a deal for someone who needs one.
Amazon product ASIN B000C7Z8M6