Re: upward sloping demand curves

[Fred Foldvary]

On Tue, 26 Sep 2000, Cyril Morong wrote:

> My understanding of the upward sloping demand curve is that consumers may
> be willing to buy more of a product if the price is higher because the
> higher price may signal better quality.

If the perception is that it is of better quality, then it is a different
product, and the demand curve, which is for just one product, does not
slope up.
 
> What about attributes of the product?  Isn't that what we really demand?

Yes.  So the demand curve is for just one set of characteristics.

Fred Foldvary