Determine if the following statment describes quantity demanded, demand curve, demand schedule or law of demand  the claim that, with other things being equal, the quanity demanded of a good falls when the price of that good rises  

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The statement that you have given here is the law of demand. 

The law of demand has to do with how much of a given good or service consumers will be able and willing to buy at a given price.  Not surprisingly, the quantity of the good or service that consumers will be willing and able to buy goes down as the price rises.  We know that, all other things being equal, we are less likely to buy something if its price rises than we were when the price was lower.  This is the law of demand.

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