The inverse relationship between price and quantity demanded is

Question

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The Law of Demand states that as the price of a good or service increases, the quantity demanded will decrease, and vice versa. This inverse relationship is a fundamental concept in economics and is the basis for understanding how markets work. The other options - the Law of Diminishing Returns, the Income Effect, and the Substitution Effect - all relate to different economic concepts and do not directly explain the relationship between price and quantity demanded.

The Inverse Relationship Between Price and Quantity Demanded Is