Final answer:
Quantity demanded refers to the specific amount of a good or service that will be purchased at a given price, assuming other factors are held constant. This is a key aspect of the law of demand, which indicates an inverse relationship between price and demand.
Step-by-step explanation:
The blank in the question can be filled with the term 'quantity demanded' which refers to a specific amount that will be demanded per unit of time at a specific price, with other factors remaining constant. This concept is a fundamental part of the law of demand, which states that there is an inverse relationship between price and quantity demanded. When the price of a product, such as a gallon of gasoline, rises, consumers will typically find ways to decrease their demand for it. Conversely, a price drop results in an increased quantity demanded. This principle assumes that all other variables influencing demand are held constant.
Quantity demanded refers to the specific amount of a good or service that will be demanded per unit of time at a specific price, other things constant. When the price of an item such as a gallon of gasoline increases, individuals tend to find ways to minimize their usage, therefore decreasing the quantity demanded. This inverse relationship between price and quantity demanded is known as the law of demand, implying that as the price increases, demand falls, and as the price decreases, demand rises, provided all other factors remain constant.