The demand function » MCQ Academy English

Managerial Economics

The demand function

describes how much of good X will be purchased at the alternative price of good X, given all the other variables being constant.
recognizes that the quantity of a good consumed depends on its price and demand shifters.
shows the relationship between the quantity demanded of X and variables other than its price.
does not include expectations.

The demand function recognizes that the quantity of a good consumed depends on its price and demand shifters.

Tags: Demand and Supply