Final answer:
Customers buying a designated quantity of a good at a specific price is known as quantity demanded, which has an inverse relationship with the price as per the law of demand.
Step-by-step explanation:
When customers buy a certain quantity of a designated good at the going price, it is referred to as the quantity demanded. The price of a good or service is what a buyer pays for a unit of that good or service. There is an inverse relationship between price and quantity demanded, known as the law of demand, which states that typically, a rise in price decreases the quantity demanded, while a decrease in price increases it. All other variables affecting demand are assumed to be constant when discussing the law of demand.