23.] Explain expansion and contraction of demand along with diagram.
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Expansion of demand refers to the period when quantity demanded is more because of the fall in prices of a product. However, contraction of demand takes place when the quantity demanded is less due to rise in the price o a product. ... Expansion and contraction are represented by the movement along the same demand curve.
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Answer:
Expansion of demand refers to the period when quantity demanded is more because of the fall in prices of a product. However, contraction of demand takes place when the quantity demanded is less due to rise in the price o a product. ... Expansion and contraction are represented by the movement along the same demand curve
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