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प्रश्न
Define contraction of demand (or decrease in quantity demanded).
उत्तर
When the quantity demanded of a commodity falls due to a rise in its own price of the commodity, other factors remaining constant, it is called a contraction of demand or a decrease in the quantity demanded.
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संबंधित प्रश्न
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Contraction of demand is the result of a decrease in the number of consumers.
