"Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises." This relationship between price and quantity demanded is referred to as

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This statement describes the law of demand, which is an important concept in economics that states that there is an inverse relationship between the price of a good and the quantity demanded of it. As the price goes up, consumers will generally buy less of the good, while they will buy more of the good when the price goes down. This relationship is at the heart of many economic models and influences the behavior of consumers, producers, and markets.

"Other Things Equal, When the Price of a Good Rises