Question

As the benefit of consuming more of a good falls with each additional unit, the price consumers are willing and able to pay also falls with increased consumption. this scenario describes:_____.

Answer 1

As the benefit of consuming more of a good falls with each additional unit, the price consumers are willing and able to pay also falls with increased consumption. this scenario describes a downward-sloping demand curve

What is a Demand Curve?

This refers to the graph or pictorial representation that shows how the demand for a commodity or service varies with changes in its price.

Hence, we can see that As the benefit of consuming more of a good falls with each additional unit, the price consumers are willing and able to pay also falls with increased consumption. this scenario describes a downward-sloping demand curve

Read more about demand curve here:

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