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Elementary Theory of Demand — Economics STD 10 — Question

ICSE BoardEnglish MediumSTD 10EconomicsElementary Theory of Demand1 Mark
Question
Define contraction of dernand (or decrease in quantity demanded).###What is meant by contraction of demand?
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Answer

When quantity demanded of a commodity falls due to rise in own price of the commodity, other factors remaining constant, it is called contraction of demand or decrease in quantity demanded.

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