JAMB - Economics (2022 - No. 48)
A downward sloping demand curve means that
total revenue declines as price is lowered
demand falls as output increases
demand falls as output falls
price must be lowered to sell more
Vysvětlení
A downward sloping demand curve means there is an inverse or negative relationship between price and quantity demanded i.e the higher the price, lower the quantity demanded and vice versa