what is meant by expansion in demand? explain it with the help of a schedule and a diagram.
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Expansion is the phase of the business cycle where real gross domestic product (GDP) grows for two or more consecutive quarters, moving from a trough to a peak. Expansion is typically accompanied by a rise in employment, consumer confidence, and equity markets and is also referred to as an economic recovery.
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Expansion in demand refers to a rise in the quantity demanded due to a fall in the price of commodity, other factors remaining constant. ... It leads to a downward movement along the same demand curve.
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