Explain the reasons for demand curve slopes downward
Explain the reasons for demand curve slopes downward.
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Demand curve slopes downward it starts from left to right that is called Negative Slope. There are several causes for downward sloping of demand curve as follows:
• Law of Diminishing Marginal utility and Principle of Equal Marginal Utility• Income and Substitution effect.• Various uses of a commodity and Psychology of people.• Affinity of human beings to satisfy/unsatisfied needs.
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