Which of the following factor is not responsible for the downward slope of the demand curve?

Bandwagon effect

The correct answer is Option (1) → Bandwagon effect

Here's a detailed explanation of each factor:

1. Bandwagon Effect : The Bandwagon effect refers to the tendency of individuals to adopt certain behaviors or buy certain products because many others are doing so. This is more related to social behavior and consumer preferences influenced by trends and popularity, rather than the fundamental economic reasons for the downward slope of the demand curve.

2. Law of Diminishing Marginal Utility:The Law of Diminishing Marginal Utility states that as a person consumes more units of a good, the additional satisfaction (marginal utility) from consuming each additional unit decreases. As marginal utility decreases, consumers are willing to pay less for additional units, contributing to the downward slope of the demand curve.

3. Substitution Effect :The Substitution effect occurs when the price of a good decreases, making it relatively cheaper compared to substitutes. Consumers will buy more of the cheaper good and less of the relatively more expensive substitutes, leading to an increase in quantity demanded as price decreases, contributing to the downward slope of the demand curve.

4. Income Effect: The Income effect refers to the change in quantity demanded resulting from a change in the consumer's real income due to a change in the price of a good. When the price of a good decreases, the consumer's purchasing power increases, allowing them to buy more, contributing to the downward slope of the demand curve.