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Theory Of Consumer Behaviour

Question

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Why does demand curve slope downwards?

Solution

Due to law of diminishing marginal utility. In fact demand curve is essentially the downward sloping portion of marginal utility curve.

Some More Questions From Theory Of Consumer Behaviour Chapter

What is meant by marginal rate of substitution (MRS)?

Why is MRS always diminishing?

When does a consumer attain equilibrium according to indifference curve approach?

Give meaning of demand.

Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

What is demand schedule?

Why does demand curve slope downwards?

Differentiate between substitute and complementary goods.

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