Final Answer:
The consumer demand curve and the market demand curve both typically exhibit a downward-sloping shape. However, they differ in their scope and representation. The consumer demand curve reflects the quantity of a good or service an individual is willing to purchase at different prices, while the market demand curve illustrates the total quantity demanded by all consumers in the market at various price levels.
Step-by-step explanation:
Consumer Demand Curve Shape: The individual consumer demand curve slopes downward because, in general, as the price of a good or service decreases, the quantity demanded by a consumer increases, and vice versa. This reflects the law of demand.
Market Demand Curve Shape: Similar to the consumer demand curve, the market demand curve also exhibits a downward slope. It represents the aggregated quantity demanded by all consumers in the market at different price points. The downward slope persists due to the inverse relationship between price and quantity demanded at the market level.
Difference in Scope: The key distinction lies in the scope—consumer demand is specific to an individual, while market demand considers the cumulative demand from all consumers.
Law of Demand: Both curves adhere to the economic principle known as the law of demand, which posits that, all else being equal, as the price of a good decreases, the quantity demanded increases, and vice versa.