Final answer:
TRUE. A change in the price of a good or service results in a change in quantity demanded.
Step-by-step explanation:
The statement 'A change in the price of a good or service results in a change in quantity demanded' is True. When the price of a good or service increases, the quantity demanded usually decreases, and when the price decreases, the quantity demanded usually increases. This relationship is known as the law of demand. For example, if the price of gasoline increases, people will likely reduce their consumption by finding alternatives like carpooling or using public transportation.