| 单词 | downward-sloping demand curve |
| 释义 | downward-sloping demand curve A demand curve showing that the quantity demanded decreases as price increases. Demand curves are normally assumed to slope downwards, which is consistent with the outcome of empirical demand studies. This is not a logical necessity: it is theoretically possible for Giffen goods to exist. For such goods, the substitution effect of a price rise in decreasing demand is small, and the income effect, which is positive if the good concerned is inferior, is large enough to outweigh the substitution effect and produce an upward-sloping demand curve. Empirically, this seems not to occur: this is not surprising, since narrowly specified goods may be inferior but are likely to have good substitutes, while widely specified goods may have poor substitutes but are unlikely to be inferior. |
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