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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?
If Coke and Fanta are close substitutes to each other, a rise in price of Coke will lead to ______ for Fanta.
With the help of a graph explain the increase in demand concept.
Define decrease in demand.
Explain the following diagram:
Distinguish between “movement along the demand curve” and shift of a demand curve.
What does a rightward shift of demand curve indicate?
Explain the following diagram.
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.
