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प्रश्न
State whether the following statement is true or false. Give reasons.
Contraction of demand is the result of a decrease in the number of consumers.
विकल्प
True
False
उत्तर
This statement is false.
Explanation:
No, a decrease in the number of consumers does not cause demand to contract. Thus, contraction of demand refers to when demand for a commodity falls as the price of the commodity rises.
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संबंधित प्रश्न
What does a downward movement along the same demand curve indicate?
When the demand curve of a product shifts to the right, it represents a situation of ______.
Distinguish between 'movement along the demand curve' and shift of a demand curve.
What is meant by an increase in demand?
Define contraction of demand (or decrease in quantity demanded).
What causes an upward movement along a demand curve?
With the help of a suitable diagram, explain expansion in demand.
Explain the following diagram.
Give two factors responsible for the shift of the demand curve to the right.
State whether the following statement is true or false. Give reasons.
A change in quantity demanded as a result of price change will imply a shift of the demand curve to the right.
