Why demand curve slopes downward answers as per 12th class?
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The demand curve is said to be downward sloping because as the price of a commodity falls the consumer will demand more of the product and if the price of the commodity increases the consumer will demand less of the product.
This is why demand has an inverse relationship with price and is also known as negatively sloped demand curve.
Some reasons for this can be the income effect, substitution effect and the effect of diminishing marginal utility.
This is why demand has an inverse relationship with price and is also known as negatively sloped demand curve.
Some reasons for this can be the income effect, substitution effect and the effect of diminishing marginal utility.
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