How much a firm must charge to sell any given quantity of their product is described by a(n):
A) demand curve.
B) supply curve.
C) inverse demand function.
D) production function.

Question

Quizplus · Accepted Answer

The price a firm must charge to sell any given quantity of their product is described by an inverse demand function. This function shows the relationship between the price of a product and the quantity demanded by consumers. As the price of a product increases, the quantity demanded by consumers typically decreases, and vice versa. Therefore, an inverse relationship exists between price and quantity demanded.

How Much a Firm Must Charge to Sell Any Given