according to the law of demand,when the price of an item goes up,the quality demanded?

According to the law of demand, when the price of an item goes up, the quantity demanded decreases. This relationship is inverse, meaning that as the price increases, consumers typically demand less of a product, while as the price decreases, consumers generally demand more.

The law of demand originates from the observation that consumers tend to have a higher willingness to buy a product at a lower price compared to a higher price. This behavior is reflective of consumer preferences and the basic principles of economics.

To understand the relationship between price and quantity demanded, economists often analyze demand curves. Demand curves are graphical representations of the quantity demanded at various price levels. They slope downwards from left to right, reflecting the inverse relationship between price and quantity demanded.

To determine the quantity demanded of a product at a specific price point, economists consider other factors such as consumer income, preferences, expectations, and the prices of related goods. However, the primary focus of the law of demand is the price-quantity relationship.

In summary, the law of demand states that there is an inverse relationship between price and quantity demanded. As the price of an item increases, the quantity demanded typically decreases, and vice versa. This principle helps economists understand and predict consumer behavior in the marketplace.