Question

Q.1.. When due to increase in price, the QD falls, then what is this?? contraction of demand or decrease in demand ???​

Answer 1

Explanation:

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There is an inverse relationship between the supply and prices of goods and services when demand is unchanged. ... If there is a decrease in supply of goods and services while demand remains the same, prices tend to rise to a higher equilibrium price and a lower quantity of goods and services

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