Differentiate between contraction of Demand
and decreases in demand using diagram
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Answer : Contraction of demand refers to the increase in own price of the commodity. This is caused by change in own price of the commodity. Image result for contraction of demand
Decrease in demand is caused by change in determinants other than own price of the commodity. Causes of decrease in demand include decrease in income, decrease in price of substitute good, change in tastes and preferences against the commodity, etc.
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