When makers of a product increase their price, consumers are often unwilling to continue to purchase the product (or at least as much of the product). This is known as?

This is known as the law of demand. As price of a product rises, the quantity demanded decreases. Conversely, if the price of a good or service decreases, then the quantity demanded will rise. When producers raise prices of their goods or services, consumers may find other products, called substitute goods to use in place of the normal goods.