Q188
Demand curve slopes downward because of the law of
A.
Consumer equilibrium
B.
Utility maximization
C.
Utility minimization
D.
Diminishing marginal utility
AnswerAnswer: Option D
Solution
Answer: Option D
Solution:
Demand curve slopes downward because of the law of Diminishing marginal utility. The law of diminishing marginal utility states that with each increasing quantity of the commodity, its marginal utility declines.