« previous next »

Author Question: An economist says: The demand curve has two interpretations. What does the economist mean? What ... (Read 46 times)

Sportsfan2111

  • Hero Member
  • *****
  • Posts: 585
on: Jun 29, 2018
An economist says: The demand curve has two interpretations. What does the economist mean?
 
  What will be an ideal response?

Question 2

Which organization is responsible for managing the nation's money supply?
 
  A) Fort Knox
  B) The United States Congress
  C) The United States Treasury
  D) The Federal Open Market Committee
  E) The American Economic Association


Perkypinki

  • Sr. Member
  • ****
  • Posts: 339
Reply #1 on: Jun 29, 2018
Answer to Question 1

The first interpretation is that the demand curve shows the quantities of a good or service that consumers are willing and able to buy at each price, other things being equal. The second interpretation is that the demand curve is a willingness-and-ability-to-pay curve, so that for each quantity it shows the highest price that someone is willing and able to pay for one more unit.

Answer to Question 2

D


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The eye muscles are the most active muscles in the whole body. The external muscles that move the eyes are the strongest muscles in the human body for the job they have to do. They are 100 times more powerful than they need to be.

Did you know?

More than 150,000 Americans killed by cardiovascular disease are younger than the age of 65 years.

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

Did you know?

Certain topical medications such as clotrimazole and betamethasone are not approved for use in children younger than 12 years of age. They must be used very cautiously, as directed by a doctor, to treat any child. Children have a much greater response to topical steroid medications.

A theoretical photosynthetic response curve. A theoretical photosynthetic response curve.
A Dose-Response Curve A Dose-Response Curve
Ebbinghaus’s forgetting curve Ebbinghaus’s forgetting curve
The Lorenz Curve for the United States, 2009 The Lorenz Curve for the United States, 2009
Find the factor demand for labour and the amount of output it will produce. Show all ... Find the factor demand for labour and the amount of output it will produce. Show all ...
At what speed does Grogzetti need to take the curve to avoid sliding? At what speed does Grogzetti need to take the curve to avoid sliding?
Video: Endocytosis - pinocytosis, receptor mediated and Transcytosis

For a complete list of videos, visit our video library