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Author Question: An economist says: The demand curve has two interpretations. What does the economist mean? What ... (Read 164 times)

Sportsfan2111

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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

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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


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