Examlex
Define and describe MRP. How is it related to the MPS?
Supply Function
A mathematical relation showing the amount of goods a supplier is willing and able to provide to the market at various prices, holding all other factors constant.
Demand Function
A demand function quantifies the relationship between the price of a good and the quantity demanded by consumers, holding other factors constant.
Supply Curve
A supply curve graphically represents the relationship between the price of a good and the quantity of the good that producers are willing and able to supply, typically sloping upwards.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded by consumers, typically sloping downward from left to right.
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