The law of demand refers to the

A) decrease in price that can be expected as more units of a product are demanded.
B) increase in price that results from an increase in demand for a good of limited supply.
C) inverse relationship between the price of a good and the quantity demanded.
D) increase in the quantity of a good available when its price increases.

Law of Demand

A principle stating that all else being equal, as the price of a good or service increases, the quantity demanded decreases, and vice versa.

Inverse Relationship

A relationship between two variables in which one variable increases as the other decreases.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a specific price level.