Question

Differenciate between contraction of demand and decrease in demand​

Answer 1

Explanation:

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Basis Contraction of demand Decrease in demand

Other factors of demand Other factors of demand remain constant. Other factors of demand changes such as the income of the consumer decreases, price of substitute goods decreases or price of complementary goods increases.

Answer 2

Explanation:

The difference between contraction of demand and decrease in demand is ...

(A) BASIC-

1. contraction of demand

2. decrease in demand

(B) MEANING-

refers to a situation where the demand

of the commodity decrease due to change in the price of the given commodity other factors remaining constant .

2. it refers to the situation where the demand of the given commodity decrease due to change in other factors of demand , price of the commodity remaining constant.

(C) CHANGE IN DEMAND CURVE

1. upaward movement of the point along the Same demand curve .

2. the entire demand curve shift in the leftward direction.

(D) PRICE OF THE GIVEN COMMODITY

1. price of given commodity increase.

2. price of the given commodity is constant.

(E) OTHER FACTORS OF DEMAND

1. other factors of demand remain constant

2. the other factors of demand change such as the income of price of subtitles goods decreases or price of conplimentay goods increses.

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