The _________ is the change in the quantity demanded of a good whose relative price has changed while a consumer's real income is held constant.

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The change in the quantity demanded of a good due to a change in its relative price is called the substitution effect. It describes how consumers will substitute towards or away from the good whose price has changed, while holding their real income constant. The income effect, on the other hand, describes the change in the quantity demanded due to a change in real income, which may lead to a change in the overall quantity demanded of a good. The price elasticity of demand and income elasticity of demand are measures of the responsiveness of quantity demanded to changes in price and income, respectively. Real price refers to the price of a good adjusted for inflation.

The _________ Is the Change in the Quantity Demanded of a Good