The law of demand states that as the price of a good rises, the quantity demanded of that good will fall . As the price of a good falls, the quantity demanded of that good will rise.
What is the Law of Demand?
The law of demand is a fundamental principal that states there is an inverse relationship between price of a commodity and its demand. This means that as price of a good falls, the consumer will be willing to consume more of it.
And the rise in price will lead to lesser demand for a commodity. The law of demand can be presented graphically by way of a demand curve that slopes downwards.
Hence the correct answer is, as price of a good rises, the quantity demanded will fall.
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