the claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises

The statement “the claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises” is the law of demand.

Quick Scoop

Economists summarize typical buyer behavior with the law of demand. It says that, holding all other influences constant (income, tastes, prices of other goods, etc.), a higher price leads to a lower quantity demanded, and a lower price leads to a higher quantity demanded.

What the claim is called

• The formal name of that claim is the law of demand.

• In symbols: as price PPP goes up, quantity demanded QdQ_dQd​ goes down, and vice versa (an inverse relationship).

Why “other things equal” matters

• “Other things being equal” (Latin: ceteris paribus) means we imagine nothing else changes except the good’s own price.

• If income, preferences, or prices of related goods changed at the same time, they could shift demand itself rather than just move along the demand curve.

Intuition in everyday life

• If the price of pizza rises while everything else stays the same, most people buy fewer pizzas or switch to cheaper foods; that is a movement along a downward‑sloping demand curve.

• If the price falls, consumers’ purchasing power rises and some may also substitute this cheaper good for others, so quantity demanded increases.

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