Which Function of Money Is in Each of the Following

question 7

Essay

Which function of money is in each of the following cases demonstrating?
(1)You pay $15 for a movie ticket.
(2)You deposit your tax refund check in your saving account.
(3)A restaurant manager sets the prices of meals she serves in dollars.
(4)A restaurant manager keeps $5,000 worth of cash in a safety deposit box.
(5)McDonald's announces that a Big-Mac now costs only $3.00.
(6)Bill Gates net worth is around $90 billion.

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Definitions:

Demand

The desire to purchase goods and services backed by the ability and willingness to pay at a given price.

Demand Curve

A graphical representation showing the relationship between the price of a product and the quantity of the product demanded at those prices.

Increase in Demand

Refers to a rise in the quantity of a product or service that consumers are willing and able to purchase at various prices, often due to factors like income increases, taste preferences, or changes in population.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a given period.