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VARVARA [1.3K]
2 years ago
6

Word to the definition: The relationship between price and quantity

History
1 answer:
Maksim231197 [3]2 years ago
6 0

This is the law of supply and demand.

The law of supply and demand includes two basic economic principles that describe how price changes affect the supply and demand for an asset, commodity, or product.

All else being equal, the law of demand states that demand for a specific product changes in inverse proportion to its price. In other words, as the price rises, so does the demand for the product. Cost changes for a good or service are related to the quantity supplied by the law of supply. Unlike the law of demand, the law of supply shows the relationship between two is direct rather than inverse.

Learn more on law of supply and demand-

brainly.com/question/21746893

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