Answer:
The law of demand states that other thing remaining equal, the quantity demanded of a commodity increases when its price falls and decreases when its price rises.The law indicates an inverse relationship between the price and quantity demanded of a commodity.
The law of demand is based on the following main assumptions:
1) There should be no change in income of the consumer.
2) There should be no change in tastes and preferences of the consumers.
3) Prices of the related commodities should remain unchanged.
4) Size of the population should not change.
5) The distribution of income should not change.
6) The commodity should be a normal commodity.
Why demand curve slope downwards to the right? - to know read: Law of demand
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