Why are most demand curves downward sloping?
A)consumers get tired of goods and use less of them.
B)consumers want more variety in goods and services.
C)a higher price for a good reduces the consumer's desired consumption of a good.
D)a lower price for a good reduces the consumer's desired consumption of a good.
E)none of the above.

Question

Quizplus · Accepted Answer

A higher price for a good generally reduces the consumer's desired consumption of that good because as the price increases, the good becomes less affordable or less attractive compared to alternatives, leading to a decrease in quantity demanded. This principle reflects the law of demand, which states that, ceteris paribus, there is an inverse relationship between the price of a good and the quantity demanded.

Why Are Most Demand Curves Downward Sloping