Which statement best explains the law of demand?

A. The quantity demanded by consumers increases as prices rise, then decreases.
B. The quantity demanded by consumers decreases as prices rise, then increases.
C. The quantity demanded by producers increases as prices rise, then decreases.
D. The quantity demanded by producers decreases as prices rise, then increases.

The Law of Demand states that the quantity demanded and price of a good or service are inversely related. If the price increases, the quantity demanded decreases, and vice versa, assuming other factors remain constant. This is due to diminishing marginal utility and varying consumer valuations.

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