A product's ________ describes the amount of the product that is demanded for each possible combination of its price and other factors.
A) Demand curve
B) Price-consumption curve
C) Utility function
D) Demand function

Question

Quizplus · Accepted Answer

A demand function is a mathematical equation that represents the demand for a product based on factors such as price, consumer income, and consumer preferences. It provides the amount of a product that consumers are willing to buy at different prices and under various circumstances. The other options, such as the demand curve, price-consumption curve, and utility function, are related concepts but do not fully describe the amount of a product that is demanded for each possible combination of its price and other factors.

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