ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Normally the demand curve slopes downwards as it indicates inverse relationship between price and quantity demand. Demand curve projects that when the price rises, the quantity demanded falls, and when the price falls, the demand rises.

Detailed explanation-2: -The law of demand explains the functional relationship between the price of a commodity and its demand. The most important tool that explains this relationship is the demand curve. This curve is always downward sloping due to an inverse relationship between price and demand.

Detailed explanation-3: -A downward-sloping demand curve holds true in most of our day-to-day cases. It shows a negative relationship between price and quantity demanded. It complies with the law of demand. By the law of demand, a higher price lowers consumers’ willingness and ability to buy, causing the quantity demanded to fall.