Combining with serotonin and transmitting the signal across the membrane by activation of the Gi/o subunit of an associated cytoplasmic heterotrimeric G protein complex. The Gi/o subunit subsequently inhibits adenylate cyclase and results in a decrease in cyclic AMP (cAMP) levels. [GOC:mah, PMID:18571247]
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C5: Ontology GO: Gene Ontology GO:MF: GO Molecular Function