Final answer:
The Law of Demand states that there is an inverse relationship between the price of a good and the quantity demanded, meaning as prices go up, demand goes down.
Step-by-step explanation:
The statement that more of an item will be purchased at a lower price than at a higher price refers to the Law of Demand. This principle of economics holds that, assuming all other factors are equal, there is an inverse relationship between the price of a good and the quantity demanded. As the price increases, the quantity demanded decreases because the opportunity cost of purchasing the good also rises, leading consumers to forego buying in favor of retaining the money for other valued goods or services.