The inverse relationship between price and quantity demanded is called The Law of Demand.
The law of demand tells us that higher prices lead to lower quantity demanded and lower prices lead to higher quantity demanded. It shows the inverse relationship.
Economists use the term demand to tell what is the amount of goods and services the consumer is willing to buy. The demand for any product basically depends on needs and wants. The amount paid by the buyer for particular goods and services is known as the price. An increase in the price of goods always has an impact on the demand for that good i.e. it reduces the quantity demanded. This is known as the inverse relationship between price and quantity demanded.
The law of demand also assumes that the other variables that affect demand will be held constant. Moreover, there is a difference between demand and quantity demanded. When economists are talking about quantity demanded they mean only a certain point on the demand curve.
Therefore, the inverse relationship between price and quantity demanded is called the Law of Demand.
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