In terms of the law of demand, what is said to occur when the price of a good increases?

The quantity demanded decreases.

Explanation:

The law of demand is used in economics to describe the relationship that exists between a product, the price and the quantity of demand that exists for the good. This relationship is usually negative.

The law establishes that if a product increases its price, the demand for the product will decrease. For example, let's imagine that pizzerias across the country increase the price of their products by 15%, this will make people look for other food options until the market stabilizes over time.

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