The law of demand states that other things remaining the same, the __ the price of a good the __ higher; greater is the quantity demanded higher; smaller is the quantity demanded lower; greater is demand lower; smaller is the quantity demanded

## Step 1<br />The law of demand is a fundamental principle in economics that describes the relationship between the price of a good and the quantity demanded. <br /><br />## Step 2<br />According to this law, when all other factors remain constant, the higher the price of a good, the smaller is the quantity demanded. This is because as the price of a good increases, consumers are less willing or able to purchase it, leading to a decrease in the quantity demanded.<br /><br />## Step 3<br />Conversely, when the price of a good decreases, the quantity demanded increases. This is because as the price of a good decreases, it becomes more affordable for consumers, leading to an increase in the quantity demanded.