Explain how a downward-sloping demand curve results from consumers adjusting their consumption choices to changes in price.

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Explanation:

Demand is the quantity of a product or service that customers are willing to purchase from the market at a specific price. According to the law of demand, there is an inverse relationship between price and demand for a product. Should the price of a commodity or service increase, its demand decreases.

The demand curve is downward sloping. The price is indicated on the Y-axis and quantity on the X-axis. The demand curve originates from the top left corner, where the price is highest and the demand at its lowest. As the curve slope downwards, it shows how quantity increases as the price decreases.