Economy, asked by luinaier76, 8 months ago

explain the causes behind low of demand

Answers

Answered by DhruvSalvi

3

According to Classical approach, the most important reason behind law of demand is 'law of diminishing marginal utility' but the modem economists believe income effect and substitution effect as the main causes. ... Thus law of diminishing marginal utility explains the downward slope of demand curve.

Answered by tanish4331

3

Answer:

According to Classical approach, the most important reason behind law of demand is 'law of diminishing marginal utility' but the modem economists believe income effect and substitution effect as the main causes. ... Thus law of diminishing marginal utility explains the downward slope of demand curve.

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