Question

Use the concept of utility to explain the law of demand

Answer 1

This is related to the law of diminishing marginal utility which explains that as a person consumes an a good, the satisfaction derived from that good decreases as more and more units of that good is consumed. Initially, the utility from consumption increases but eventually it wanes away as more and more units are consumed.

Law od demand states the negative relationship between the price and the quantity demanded, ceteris paribus.

The each additional goods or services is put to less valuable end, so the demand curve is a downward sloping curve.