A product's ________ describes the amount of the product that is demanded for each possible combination of its price and other factors.

Question

Quizplus · Accepted Answer

The demand function describes the relationship between the quantity of a product demanded and its price as well as other factors, such as consumer income and preferences. It can be graphically represented by a demand curve, which shows the quantity demanded at each price level. The price-consumption curve and utility function are concepts used in microeconomics to explain consumer behavior, but they do not specifically relate to the demand for a particular product.

A Product's ________ Describes the Amount of the Product That