28 In the loanable funds approach to interest rate determination, the demand curve has a downward slope because:

Select one:

a. when interest rates are low, inflation increases.

b. when interest rates are low, inflation is high.

c. the lower the interest rates, the smaller the demand for funds.

d. the lower the interest rates, the greater the demand for funds by borrowers.

e. the higher the interest rates, the greater the demand for funds.