A downward sloping demand curve means that

Assessment: JAMB UTME - Economics - 2024 Subject: Economics

Question 1 Report

A downward sloping demand curve means that
Answer Details
When the price of a product decreases, consumers are generally willing to buy more of it. As a result, the quantity demanded increases. However, since each unit is sold at a lower price, the decline in price outweighs the increase in quantity, leading to a decrease in total revenue (total revenue = price x quantity). This is why a downward sloping demand curve indicates that the total revenue declines as the price is lowered.
Read lesson note on Banking (JAMB)
Read lesson note on The Theory Of Consumer Behaviour (JAMB)
Read lesson note on The Theory Of Demand (JAMB)
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