Q.3. Distinguish between :
1) Desire and Demand
2) Expansion of demand and Contraction of demand
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2
Answer:
Desire simply refers to the mere wish of a person to have a particular commodity.
Demand refers to a desire backed by the ability and willingness to pay for a particular commodity. A person can desire anything at any point of time.
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.
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Answer:
Desire simply refers to the mere wish of a person to have a particular commodity. Demand refers to a desire backed by the ability and willingness to pay for a particular commodity. A person can desire anything at any point of time.
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