The demand function for a firm relates how the quantities of a product or service that consumers would like to purchase during some specific period is influenced by variables such as the price of a firm's products, the prices of related goods, consumers' incomes, the season of the year, and dollars spent on advertising.

Question

Quizplus · Accepted Answer

This statement is true. The demand function takes into account various factors that affect consumers' willingness to purchase a firm's products or services.

The Demand Function for a Firm Relates How the Quantities