GENERAL KNOWLEDGE

Detailed explanation-1: -A demand function is defined by p=f(x), p = f ( x ), where p measures the unit price and x measures the number of units of the commodity in question, and is generally characterized as a decreasing function of x; that is, p=f(x) p = f ( x ) decreases as x increases.

Detailed explanation-2: -True. When the price of a commodity rises the demand will fall. Quantity demanded and price are inversely related this means that as the price of the goods increase the demand of that commodity decreases and vice versa. This is because of the law of diminishing marginal utility.

Detailed explanation-3: -Demand function is a function that states the relation between two or more variables, such as prices and quantities demanded. In a given market in a given period of time, the demand function for a good is the relation between the various quantities of the good that might be bought and the prices of those quantities.