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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
If Coke and Fanta are close substitutes to each other, a rise in price of Coke will lead to ______ for Fanta.
There are train and bus services between New Delhi and Jaipur. Suppose the train fare between the two cities comes down. How will this affect the demand curve for bus travel between the two cities?
With the help of a suitable diagram, distinguish between a change in quantity demanded and a change in demand.
Distinguish between “movement along the demand curve” and shift of a demand curve.
What does a rightward shift of demand curve indicate?
With the help of a suitable diagram, explain expansion in demand.
Give two factors responsible for the shift of the demand curve to the right.
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.
State whether the following statement is true or false. Give reasons.
A change in quantity demanded as a result of price change will imply a shift of the demand curve to the right.
State whether the following statement is true or false. Give reasons.
Contraction of demand is the result of a decrease in the number of consumers.
