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प्रश्न
What is meant by the contraction in demand?
State contraction in Demand.
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उत्तर
Other things being the same, when the demand for a product falls as a result of the rise in its price, it is termed a contraction in demand. There will be an upward movement along the same demand curve.
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संबंधित प्रश्न
What is meant by an increase in demand?
As a result of rise in consumer's income, the demand curve for coarse-grain (inferior good) will:
With the help of a graph explain the increase in demand concept.
What does an upward movement along the same demand curve indicate?
Define decrease in demand.
Explain the following diagram:
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.
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.
