Which statement describes the law of demand?

The law of demand states that, all else being equal, when the price of a product decreases, the quantity demanded for that product increases. This relationship highlights consumer behavior in response to price changes: as something becomes cheaper, it typically becomes more attractive to buyers, leading to an increase in the amount purchased.

This principle can be graphically represented with a downward-sloping demand curve, where price is inversely related to quantity demanded. The more affordable a product becomes, the more consumers are likely to purchase it, illustrating why the statement about lower prices leading to increased purchases accurately describes the law of demand.

The other options do not capture this inverse relationship. For example, simply asserting that higher prices lead to lower quantity demanded refers to a component of the law of demand but does not fully articulate the situation involving lower prices. The option that indicates price changes have no impact on demand contradicts the fundamental nature of demand, while the statement regarding supply always meeting demand oversimplifies market dynamics, as supply and demand can fluctuate, leading to surplus or shortage situations.