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During the Battle of the Bulge in December 1944, American soldiers near Bastogne, Belgium, offered ...

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During the Battle of the Bulge in December 1944, American soldiers near Bastogne, Belgium, offered ...

During the Battle of the Bulge in December 1944, American soldiers near Bastogne, Belgium, offered as much as $73 for a can of Campbell's soup that sold for $0.13 in U.S. grocery stores ($73 was nearly an entire month's pay for an army sergeant at that time). These large amounts of money offered for soup represent a(n) ________.

▸ decrease in demand caused by a decrease in income

▸ high willingness to pay

▸ low willingness to pay

▸ exception to the law of demand

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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JSmith1 Author

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this is exactly what I needed

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