The law of demand states that: as the price of good decreases, consumers will buy more of that good.

The statement is True.

Explanation:

The law of demand states that if the price of a product increases, the demand for that product decreases, and similarly if the price of a product decreases, the demand for that product increases, while keeping all other factors constant.

This is also a common practice that when the price of a product normally increases in the market, people tend not to buy that product on the new price until and unless they are in a severe need of that product. So the demand of the product usually decreases. For example, if the price of the pair of shoe increases from 30 dollars to 50 dollars, people will less likely to buy the shoes at this price, thus decreasing the demand for that product. Similarly, if the price of the pair of shoes decreases from 30 dollars to 20 dollars, people will more likely to buy the product, which means the decrease in price has lead to the increase in the demand of the specific product.

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