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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?
With the help of a graph explain the increase in demand concept.
What does a downward movement along the same demand curve indicate?
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 ______.
Explain the following diagram:
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?
Distinguish between “movement along the demand curve” and shift of a demand curve.
What does a rightward shift of demand curve indicate?
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.
