Distinguish between contraction of demand and decrease in demand


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A) what is the difference between Contraction of demand and decrease in demand.

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Demand : Is the willingness and ability of a consumer to ask for, demand, or consume a good or service. Its the willingness and ability of the consumer to purchase a good or service.


Contraction of demand:

This refers to the change in the demand for a commodity, due to the changes in its price.

When the price falls of a good, the demand for that good rises.

similarly, when price rises, the demand for that good falls.


Decrease in demand:

The decrease in demand is the falling willingness and ability, of the buyers to purchase a certain good or service, at a certain price, keeping it constant. When the demand falls, that causes the equilibrium to shift as well.


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