Which of the following is true about the effects of an increase in the price of a good on quantity demanded?

When the price of a good increases, the quantity demanded for that good typically decreases, reflecting the law of demand. This law states that all else being equal, as the price of a good rises, consumers will buy less of that good because it becomes more expensive relative to other alternatives. This decrease in quantity demanded can occur because consumers may seek substitutes or may decide to reduce their overall consumption of the good altogether due to the higher price.

In this context, an increase in price leads to a movement along the demand curve, resulting in a lower quantity demanded at that higher price level. Therefore, it's correct to state that the quantity demanded decreases in response to an increase in price.