The graph and equation in the image represent an exponential decay function:

$y = 32 \left( \frac{1}{2} \right)^x$

This is an exponential function where the base is $\frac{1}{2}$, which indicates that the value of $y$ will decrease by half as $x$ increases by 1. This suggests that for every unit increase in $x$, $y$ will halve.

The correct statement is:

C. As $x$ increases by 1, $y$ halves.

Would you like further clarification on how exponential functions behave? Or do you have any other questions?

Here are some related questions you might find interesting:

1. How do you graph an exponential decay function like $y = 32 \left(\frac{1}{2}\right)^x$?
2. What happens to the graph of an exponential decay function as $x$ becomes large?
3. How does the equation change if the base of the exponential function is greater than 1?
4. How can you find the value of $y$ for a given $x$ in this function?
5. How does the vertical asymptote of an exponential decay function behave?

Tip: In exponential decay, as $x$ increases, the value of $y$ gets closer and closer to 0, but never actually reaches 0. This is called an asymptote.