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प्रश्न
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.
विकल्प
True
False
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उत्तर
This statement is false.
Explanation:
No, a decrease in the number of consumers does not cause demand to contract. Thus, contraction of demand refers to when demand for a commodity falls as the price of the commodity rises.
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