Question

this law simply states that when a good/service price is lower consumers will buy more of it:

• law of supply
• law of demand
• substitution effect
• income effect

Explanation:

The described law defines the inverse relationship between a good/service's price and the quantity consumers purchase. The Law of Supply refers to producers' behavior (higher price leads to more supply). Substitution effect is when consumers switch to cheaper alternatives, and income effect is when price changes affect purchasing power, but neither is the core law stated here.

Answer:

Law of demand