"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

Question

Quizplus · Accepted Answer

The statement describes the law of demand, which is the inverse relationship between price and quantity demanded. As price increases, quantity demanded decreases and vice versa. The other options do not accurately describe the relationship between price and quantity demanded.

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