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7 May, 02:31

In 1 or 2 sentences, explain the law of downward-sloping demand.

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  1. 7 May, 05:48
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    The law of downward-sloping demand shows that the demand of certain goods and services can be affected by the income effect, the substitution effect and the diminishing marginal utility. When prices are low that suggests more products can be bought. When consumers cannot determine the differences of some products, they will opt for alternatives that are of lowest prices. Consumers having a lot of products might not want to buy other products anymore however for those who badly needs the product, the price is not an issue.
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