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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When the hourly wage rate for workers this purely competitive firm hires is approximately of $13, this will operate at: (1) point a. (2) point b. (3) point c. (4) point d. (5) point e. Discover Q & A Leading Solution Library Avail More Than 1452248 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1959572 Asked 3,689 Active Tutors 1452248 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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