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Question
Identify the following as expansion, contraction, decrease or increase in demand.
| Price (₹) | Demand (units) |
| 10 | 100 |
| 10 | 80 |
Classify
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Solution
Decrease in Demand.
Explanation:
When the price remains constant at ₹ 10, but the quantity demanded decreases from 100 units to 80 units, it is known as decrease in demand. It occurs due to unfavourable changes in factors other than the commodity's own price.
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