Final answer:
The statement is False since it incorrectly describes the relationship between price and quantity for a normal good or service. The actual concept described is the law of demand, which shows an inverse relationship between price and quantity demanded.
Step-by-step explanation:
The statement in question is False. For a normal good or service, there is actually a direct relationship between price and quantity supplied.
However, the question seems to be confused with the concept of quantity demanded, which has an inverse relationship with price, forming the basis of the law of demand.
In the context of the law of demand, when the price of a good or service rises, the quantity demanded usually falls, and when the price decreases, the quantity demanded usually increases, assuming all other factors are held constant.
On the other hand, the law of supply states that there is a direct relationship between price and quantity supplied, meaning that as the price increases,
so does the quantity supplied, and vice versa, again holding other factors constant.