The law of demand states that a decrease in price is associated with an increase in quantity demanded. This means that, all else being equal, when the price of a good or service falls, consumers will buy more of it. Conversely, when the price rises, the quantity demanded typically decreases.
This relationship between price and quantity demanded is fundamental in economics and is often represented by a downward-sloping demand curve. The law of demand highlights the inverse relationship between price and quantity demanded, which is a key concept in understanding market behavior and consumer choice.