law of demand shows the functional relationship between _______ and quantity demanded.
LectureNotes mentioned that the law of demand shows the functional relationship between price and quantity demanded. According to the law of demand, there is an inverse relationship between the price of a good or service and the quantity demanded by consumers. In other words, as the price of a product increases, the quantity demanded decreases, and vice versa, assuming all other factors remain constant. This relationship is a fundamental concept in economics and is based on the principle of consumer behavior and the concept of diminishing marginal utility.