The relationship reflecting the actual response of a bond's price to a change in bond yields is

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The relationship between a bond's price and its yield is convex, meaning as the yield changes, the price response is not linear but rather becomes more pronounced at higher yield levels. As yields increase, the price decrease becomes more significant, and as yields decrease, the price increase becomes less substantial. Bond prices have a convex relationship with yields because of the concept of duration - the longer the time to maturity of the bond, the greater the price response to a change in yield.

The Relationship Reflecting the Actual Response of a Bond's Price