The law of diminishing marginal utility is not a reason for the downward slope of the demand curve; tastes/preferences, substitution effect, and income effect play a role.
The law of diminishing marginal utility is NOT a reason why the demand curve is downward sloping. The three main reasons for the downward slope of the demand curve are tastes/preferences, substitution effect, and income effect. The law of diminishing marginal utility explains how the additional value to a consumer decreases as more units of a product are consumed.
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