The law of demand states that a consumer's demand for a certain good or service is inversely related to its price. When the price of a good or service increases, the demand for it decreases, and vice versa. It follows that, as the price of a product increases, the consumer will buy less of it. This phenomenon is due to the fact that a consumer typically views any increase in price to mean a decrease in the level of utility they derive from the good or service.
Describe the law of demand.