ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -When the price of commodity increases, its demand decreases. Similarly, when the price of a commodity decreases its demand increases. The law of demand assumes that the other factors affecting the demand of a commodity remain the same. Thus, the demand curve is downward sloping from left to right.

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: -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: -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-5: -The slope of the demand curve (downward to the right) indicates that a greater quantity will be demanded when the price is lower. On the other hand, the slope of the supply curve (upward to the right) tells us that as the price goes up, producers are willing to produce more goods.