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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.
पर्याय
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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संबंधित प्रश्न
What is meant by an increase in demand?
Differentiate between extension and contraction of demand.
When the demand curve of a product shifts to the right, it represents a situation of ______.
What is an expansion of demand?
Explain the following diagram:
Distinguish between “movement along the demand curve” and shift of a demand curve.
What is meant by an increase in demand?
What does a rightward shift of demand curve indicate?
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.
