The relation between the consumer’s optimal choice of the quantity of a good and its price is very important and this relation is called the ________ function.
Demand
In microeconomics, the relationship expressing the quantity a consumer optimally chooses to buy as a function of the good's price (other factors held constant) is called the demand function, written \(Q_d = f(P)\). It typically slopes downward (Law of Demand).
The supply function describes producers, not consumers; substitution is an effect within demand analysis; "price" is a variable, not a function.
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