The _____ is a downward-sloping line that represents the tendency of firms to purchase increasing amounts of our product-or additional firms to make purchases-as price declines.
A) Demand function
B) Supply function
C) Jagged function
D) Channel function
E) Procurement function

Question

Quizplus · Accepted Answer

The description provided refers to the demand function, which shows the relationship between the quantity demanded of a product or service and its price. The demand function is usually represented graphically as a downward-sloping curve or line, implying that as the price decreases, the quantity demanded increases, assuming other factors such as income, tastes, and preferences remain unchanged. The supply function, on the other hand, shows the relationship between the quantity supplied of a product or service and its price, usually presented as an upward-sloping curve or line, indicating that as the price goes up, producers are willing and able to produce and supply more of the product.

The _____ Is a Downward-Sloping Line That Represents the Tendency