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प्रश्न
Define contraction of demand (or decrease in quantity demanded).
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उत्तर
When the quantity demanded of a commodity falls due to a rise in its own price of the commodity, other factors remaining constant, it is called a contraction of demand or a decrease in the quantity demanded.
संबंधित प्रश्न
What is meant by an increase in demand?
Differentiate between extension and contraction of demand.
What does an upward movement along the same demand curve indicate?
When the demand curve of a product shifts to the right, it represents a situation of ______.
In order to encourage tourism in Goa, Government of India suggests Indian Airlines to reduce air fares to Goa from four major cities: Chennai, Kolkata, Mumbai and New Delhi. If the Indian Airlines reduces the air fare to Goa, how will this affect the market demand curve for air travel to Goa?
What is meant by an increase in demand?
What causes an upward movement along a demand curve?
What causes a downward movement along a demand curve?
What does a rightward shift of demand curve indicate?
State whether the following statement is true or false. Give reasons.
An increase in the demand for a commodity is due to a fall in its price.
