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)________.

Question

Quizplus · Accepted Answer

The high amounts of money offered for the can of Campbell's soup indicate a high willingness to pay, which is the maximum amount a person is willing to pay for a good or service. This situation does not represent an exception to the law of demand (which states that as price increases, quantity demanded decreases) nor a decrease in demand caused by a decrease in income.

During the Battle of the Bulge in December 1944,American Soldiers