Demand
The law of demand states that, all else being equal (a condition economists call ceteris paribus), as the price of a good rises, the quantity of that good people are willing and able to buy falls, and vice versa, producing a downward-sloping demand curve when price is graphed against quantity. This describes a general tendency across most ordinary goods, not a claim that price is the only thing influencing demand: factors like income, tastes, and the price of related goods matter too, but the law itself isolates just the price-quantity relationship by holding everything else constant.
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