The law of demand refers to the inverse relationship between price and quantity supplied. the positive relationship between price and quantity demanded. the inverse relationship between price and quantity demanded. o relationship between price and quantity supplied.

The law of demand is like a dance between consumers and prices; as prices go up, consumers tend to buy less of a good or service, resulting in lower quantity demanded. Conversely, when prices drop, consumers are more inclined to purchase more, creating that lovely inverse relationship. In the real world, think of your favorite snack; when the price hikes, you might skip it or grab a different treat. However, when there's a sale, that snack suddenly looks irresistible! This principle helps businesses and economists forecast market behavior and adjust their strategies accordingly.