WHAT IS CONTRACTION IN DEMAND?.......PLS HELP...... OR MY TEACHER WILL KILL ME!!!!
Answers
Answer:
Contraction in demand refers to a fall in the quantity demanded due to a rise in the price of commodity, other factors remaining constant.
When quantity demanded of a commodity increases as a result of the fall in the price, it is called extension (or expansion) in demand (a movement down the demand curve) and when the quantity demanded decreases as a result of an increase in the price of the commodity, it is called contraction in demand (a movement up ...
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Answer:
Contraction in demand refers to a fall in the quantity demanded due to a rise in the price of commodity, other factors remaining constant. ... It leads to an upward movement along the same demand curve. ii. It is also known as 'Decrease in Quantity Demanded'.