Why does an individual's demand curve for a commodity typically slope downward according to the law of diminishing marginal utility?

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Economics · Economy

Verified Solution4 OptionsUpdated: October 2026👁️1 View

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Each successive unit consumed provides lower additional satisfaction, so consumers buy more only at a lower price.

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Answer 1

Producers reduce supply as prices fall, causing consumers to compete less.

Answer 2

Each successive unit consumed provides lower additional satisfaction, so consumers buy more only at a lower price.

Answer 3

Consumer tastes and preferences naturally shift as their income increases.

Answer 4

Consumers prefer to purchase larger quantities at higher prices to show status.

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