What effect does a decrease in the price of a good typically have on quantity demanded, according to economic principles?

A decrease in the price of a good typically leads to an increase in the quantity demanded due to the law of demand, which states that, all else being equal, when the price of a good falls, consumers are generally more willing and able to purchase more of that good. This occurs for a couple of reasons:

First, the lower price makes the good more affordable for consumers, encouraging them to purchase larger quantities. This increased affordability can lead to consumers substituting the cheaper good for other alternatives, further boosting quantity demanded.

Second, at a lower price, the good becomes more attractive to a wider range of consumers, including those who may have previously considered it too expensive, thereby increasing overall demand.

In contrast, a decrease in the price would not lead to a decrease in quantity demanded or have no effect on it, as those scenarios would imply an inconsistency with the established relationship outlined by the law of demand. Furthermore, complete elasticity refers to situations where demand responds infinitely to changes in price, which is a different concept and does not apply to the general effects of a price decrease on quantity demanded.