The statement that accurately describes the relationship between price and quantity demanded is:
when prices increase, quantity demanded stays the same
What is Price?
A price is the amount of money that is (often not negatively) exchanged from one party to another in return for products or services. The cost of production may go by a different name in various circumstances. If a product is classified as a "good" in a business transaction, its price is most likely to be referred to as such.
There will be other alternative options for this product's name if the thing is a "service," though. For instance, the bottom graph will display various circumstances. Production expenses, the availability of the desired good, and consumer demand all have an impact on a thing's pricing. A monopolist may set the price or the market may impose it on the company.
What is demand?
Demand is an economic notion that refers to a person's willingness to buy products and services and willing to spend a given price for them. Demand typically declines when a product's price goes up. The quantity demanded will rise in response to a decrease in the price of a good or service.
Demand is a term that both businesses and consumers are extremely familiar with because it feels right and happens organically throughout the course of almost any day. For instance, when a product's pricing is low, shoppers who are keeping an eye on it will purchase more of it. When prices increase, such as during a change in season, consumers may purchase fewer items or even none at all.
Hence, option B is the correct answer
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