- Law of Demand: Price ↑ → Quantity demanded ↓.
- Curve is downward sloping because of substitution effect and income effect.
Category: Interview Questions
-
the demand curve downward sloping?
-
Microeconomics and Macroeconomics?
- Microeconomics: Studies individual units (firms, households, markets).
- Macroeconomics: Studies economy as a whole (GDP, inflation, unemployment).