Why does the demand curve slope downwards?
There is an inverse relationship between price and quantity demanded. When the price is low, high quantities are demanded and vice versa when the price is high; for all goods which are not giffen goods. However this is opposite to the supply curve, as price and quantity supplied increased proportionately.
NC
Related Economics A Level answers
All answers ▸What are merit goods and why do they represent an example of market failure?
Explain what is meant when it is said that there are inefficiencies in the production of goods and the allocation of resources.
What is the Price Elasticity of Demand?
What is oligopoly?