INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The demand relationship shows a/n ____ slope.
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Downward
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Upward
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Balanced
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None of the above
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Explanation:
Detailed explanation-1: -Whenever the price of a commodity decreases, new buyers enter the market and start purchasing it. This is because they were unable to purchase it when the prices were high but now they can afford it. Thus, as the price falls, the demand rises and the demand curve becomes downward sloping.
Detailed explanation-2: -The downward slope of the demand curve again illustrates the law of demand-the inverse relationship between prices and quantity demanded.
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