What states that as the price of a product rises, people purchase less of that good, leading to a decrease in demand?

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a product rises, people purchase less of that good, leading to a decrease in demand.
Key Takeaway: When prices begin to fall again, people typically then start to buy more of that product, leading to an increase in demand for that product. Remember that when the price of a product changes, there is always a change in the quantity demanded.

What States That as the Price of a Product Rises