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Question
Fill in the blank with appropriate alternatives given below:
When less is purchased at the constant price, it is called _______ in demand.
Options
increase
decrease
expansion
contraction
Solution
When less is purchased at the constant price, it is called decrease in demand.
Explanation:
Decrease in demand is a condition when the demand for good decreases due to a change in factor other than the price of the commodity. Accordingly, less is purchased even when the price is constant. Some of the factor causing decrease in demand are decrease in income, moving of taste and preferences away from the commodity and rise in prices of other goods.
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