As prices for o product decrease demand for a product should increase. elosticity low of demand diminishing marginal utility income effect

## Step 1<br />The problem statement is a fundamental principle in economics known as the "Law of Demand". This law states that, all other factors being equal, as the price of a product decreases, the quantity demanded of that product will increase. This is because consumers are more likely to buy a product when it is cheaper.<br /><br />## Step 2<br />The other options provided, "elosticity", "diminishing marginal utility", and "income effect", are also economic principles, but they do not directly describe the relationship between the price of a product and the demand for it.<br /><br />## Step 3<br />"Elosticity" is not a recognized term in economics, so it can be disregarded.<br /><br />## Step 4<br />"Diminishing marginal utility" refers to the principle that as a person increases consumption of a product, there is a decline in the marginal utility (satisfaction) that person receives from consuming an additional unit of that product. This principle does not describe the relationship between the price of a product and the demand for it.<br /><br />## Step 5<br />"Income effect" refers to the change in demand for a good or service caused by a change in a consumer's income. This principle also does not describe the relationship between the price of a product and the demand for it.