Question

What is the law that defines the demand curve to slope downward known as?

a.
Utility maximisation

b.
Utility minimisation

c.
Consumer equilibrium

d.
Diminishing marginal utility​

Answer 1

Answer:

When price fall the quantity demanded of a commodity rises and vice versa, other things remaining the same. It is due to this law of demand that demand curve slopes downward to the right. This is called income effect of the change in price of the commodity. ...

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Answer 2

Explanation:

When price fall the quantity demanded of a commodity rises and vice versa, other things remaining the same. It is due to this law of demand that demand curve slopes downward to the right. This is called income effect of the change in price of the commodity. ...