The thing that happens when the price of a good or service increases is that Quantity demanded decreases.
Demand is known to be a term that connote the quantity of a good or service that a given consumers are said to be willing and able to buy or pay for at given prices.
Quantity demanded is seen as the amount of a good or service that humans or people will tend to buy at a given price at a specific time.
Hence, The thing that happens when the price of a good or service increases is that Quantity demanded decreases.
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