ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -False. Demand curve slopes downward from left to right because of the law of diminishing marginal utility. According to this law, the utility/satisfaction of the consumer goes on decreasing with every additional consumption of the commodity and hence, the consumer will buy more goods only when the price decreases.
Detailed explanation-2: -An upward sloping demand curve occurs when an increase in prices of commodities leads to an increase in quantity demanded. In other words, an upward sloping demand curve shows that there is a direct relationship between prices and quantity demanded.
Detailed explanation-3: -Yes, the demand curve slopes downward from left to right because of the law of demand. 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 and vice versa.
Detailed explanation-4: -1 Expert Answer FALSE The demand curve is downward sloping. At a very high price the quantity demanded is small. At lower prices more quantity is demanded.