According to the Law of Demand, what happens if the price of a product decreases?

According to the Law of Demand, when the price of a product decreases, it typically leads to an increase in the quantity demanded by consumers. This principle is grounded in the idea that as a product becomes cheaper, it becomes more attractive to buyers, encouraging them to purchase more.

For example, if the price of a popular brand of shoes goes down, consumers are likely to buy more pairs than they would at a higher price. This reflects the inverse relationship between price and quantity demanded, as demonstrated in the demand curve, which slopes downwards.

Understanding this concept is critical because it highlights consumer behavior in response to price changes, illustrating how market dynamics shift with price fluctuations. While other options might touch on related market phenomena, they do not directly address the specific relationship outlined by the Law of Demand.