explain downward curve of demand function?
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The demand curve is downward sloping, indicating the negative relationship between the price of a product and the quantity demanded. For normal goods, a change in price will be reflected as a move along the demand curve while a non-price change will result in a shift of the demand curve.
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The demand of a product refers to the desire of acquiring it by the consumer but backed by his purchasing power and willingness to pay the price. The law of demand states that there is an inverse proportional relationship between price and demand of a commodity. When the price of commodity increases, its demand decreases.
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