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Question
Define decrease in demand.
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Solution
When there is a fall in demand due to changes in factors other than the own price of the commodity, it is called a decrease in demand.
RELATED QUESTIONS
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.
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The following table shows a change in the demand. Read the table carefully and answer the question that follows:
| Case I | Case II | ||
| Price (₹) | Quantity | Price (₹) | Quantity |
| 10 | 20 | 10 | 20 |
| 10 | 10 | 5 | 20 |
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Contraction of demand is the result of a decrease in the number of consumers.
