The Law of Demand: Definition and Explanation
The law of demand is perhaps one of the most important tenets in microeconomics describing how a price level of any product or service is connected with its corresponding demand. Under this law, for all other factors constant, there must be a reverse relationship that exists between a good's price level and its corresponding quantity demanded. Whenever the price of a good increases then quantity demanded decreases and vice versa; if the price declines, then quantity demanded is increased.