Whenever we see the price of a good or service go up , people usually buy or demand the same amount. less of it. more of it.

## Step 1This problem is based on the basic principles of supply and demand in economics. The law of demand states that, assuming all other factors remain constant, the higher the price of a good or service, the lower the quantity demanded by consumers. This is because as the price increases, consumers tend to look for cheaper alternatives, leading to a decrease in demand for the original good or service.## Step 2However, it's important to note that this is a general rule and may not always apply. There are certain situations where the demand might remain the same or even increase despite a price increase. These situations are exceptions to the general rule and usually involve unique circumstances.## Step 3For example, if the good or service is a necessity, such as insulin for diabetics, the demand might remain the same or even increase despite a price increase. This is because the good or service is essential for the consumer's health and well-being, and they are willing to pay more for it.## Step 4Another example is when the good or service is unique and there are no close substitutes available. In such cases, the demand might remain the same or even increase despite a price increase. This is because the unique nature of the good or service makes it a necessity for the consumer, and they are willing to pay more for it.