The law of demand states that, other things being equal, when the price of a good rises, the quantity demanded of the good falls.

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This is the basic principle of the law of demand. When the price of a good goes up, people tend to buy less of it, and when the price goes down, people tend to buy more of it. Of course, there are other factors that can influence demand, such as changes in income, prices of related goods, and consumer preferences, but the law of demand describes the basic relationship between price and quantity demanded.

The Law of Demand States That, Other Things Being Equal