1. According to the law of demand, ceteris paribus,
The quantity demanded increases at lower prices.
A consumer will purchase more of a good at higher prices than at lower prices.
Price and quantity supplied are directly related.
The responsiveness of consumer demand to a change in the price of a good is measured by the price elasticity of demand.
2. The law of supply implies that
A change in a determinant of demand shifts the supply curve.
Supply curves are upward-sloping to the right.
Supply curves are downward-sloping to the right.
Supply curves are flat.