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how do the income effect, the substitution effect, and diminishing marginal utility help explain the law of demand?
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how do the income effect, the substitution effect, and diminishing marginal utility help explain the law of demand?

User DBUK
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The utility approach helps explain the law of demand. In fact, the demand curve for a normal good is downward sloping due to the law of diminishing marginal utility.
User Nick Pampoukidis
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