why does demand curve slope downward?
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Downward sloping of demand curve-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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The law of diminishing marginal utility states that with each increasing quantity of the commodity its marginal utility decline
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