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Reasons for Downward Sloping Demand Curve

An individual...

Question

An individual demand curve slopes downward to the right because of the:

A

Working of the law of diminishing marginal utility

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B

Substitution effect of decrease in price

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C

Income effect of fall in Price

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D

All of the above

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Solution

The correct option is D
All of the above

All three are reasons why an individual demand curves slopes downward to the right.

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Similar questions

Which of the following are true?

a) Demand curve slopes downward because it is based upon law of diminishing marginal utility
b) Demand curve and demand schedule convey same information

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