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- Why does the text say that demand
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Card 58 / 100: Why does the text say that demand is a snapshot in time?
Answer:
A person's demand schedule is an instantaneous relationship between hypothetical prices and the corresponding quantity the person would buy at each price. If time passes, the person's preferences or other factors might change, leading to a different demand schedule.
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Dr.Robert MurphyAssociated Scholar
Mises Institute
USA
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Attribution:
Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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