The equation "xy = k" represents a relationship between two variables, x and y, where their product equals a constant value, k. This type of equation is known as a hyperbola when graphed on a coordinate plane. As one variable increases, the other must decrease to maintain the constant product, illustrating an inverse relationship. In this context, x and y can represent various quantities, such as distance and time, or price and quantity in economics. The constant k can vary depending on the specific situation, but the fundamental relationship remains the same, highlighting how changes in one variable affect the other.