Law of Demand
The law of demand states that there is an inverse relationship between the price of a good or service and the quantity demanded by consumers. In simpler terms, as the price of a product decreases, the quantity demanded by consumers increases, and vice versa.

Graphical Representation
When this relationship is graphed, it results in a downward-sloping demand curve. The demand curve shows the quantity of a good that consumers are willing and able to purchase at different prices. At higher prices, less of the product is demanded, whereas at lower prices, more of the product is demanded.

Explanation
- As the price decreases, consumers are more willing to purchase the product because it becomes more affordable.
- Conversely, as the price increases, consumers are less inclined to buy the product due to its higher cost.
- This behavior is based on the law of diminishing marginal utility, which states that as consumers consume more of a good, the satisfaction they derive from each additional unit decreases.

Conclusion
In conclusion, the law of demand is a fundamental principle in economics that helps us understand how consumers behave in response to changes in price. By graphically representing this relationship, we can visually see the inverse correlation between price and quantity demanded.