What is the Law of Demand? What are the 2 components involved in demand? b. A change in price _________________ change the _____________demanded for that product. If demand increases for a product, the curve will shift to the _____________. If demand decreases for a product, the curve will shift to the _____________. If demand for a product increases, what happens to the price and quantity demanded of that good? Price = ____ b. Quantity Demanded = ____ If demand for a product decreases, what happens to the prince and quantity demanded of that good? Price = ____ b. Quantity Demanded = ____