Demand refers
to how much of a product or service is desired by buyers. The quantity demanded is the
amount of a product people are willing to buy at a certain price. The
relationship between quantity and price is called demand relationship.
Based
on the law of demand, if all other factors remain equal, the higher the
price of a good, the lower the demand and the lower the price, the higher the
demand. So, when the price of a product goes down the demand will increase.
