Question

The relationship between the price of a good or service and the quantity demanded of that good or service described by the law of demand is

Answer 1

This relationship described between the price and the quantity demanded is known as the Price Elasticity of Demand (PED).

What is the Price Elasticity of Demand?

• It is a measure that shows the relationship between the price of a good and the quantity demanded of it.
• Shows how sensitive quantity demanded is to a change in price.

When the PED is less than 1, it means that a change in price doesn't affect the quantity demanded as much. When it is more than 1, a change in price will lead to an even higher change in quantity demanded.

In conclusion, this is the Price Elasticity of Demand.

Find out more on PED at brainly.com/question/9235198.