Distinguish between contraction of demand and decrease in demand
Asked by admin @ in Economy viewed by 134 People
A) what is the difference between Contraction of demand and decrease in demand.
Asked by admin @ in Economy viewed by 134 People
A) what is the difference between Contraction of demand and decrease in demand.
Answered by admin @
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.
Asked by wiki @ in Health viewed by 1081 persons
Asked by wiki @ in Social Studies viewed by 617 persons
Asked by vanshika149 @ in English viewed by 960 persons
Asked by rajesh064 @ in English viewed by 1087 persons
Asked by jaylord7 @ in Mathematics viewed by 936 persons
Asked by jesus643 @ in History viewed by 1179 persons
Asked by kavin044 @ in English viewed by 1094 persons
Asked by nevaeh10 @ in English viewed by 1338 persons
Asked by dog3636R @ in English viewed by 1127 persons
Asked by timothy2 @ in Biology viewed by 1236 persons
Asked by noah5213 @ in English viewed by 1334 persons
Asked by elijah67 @ in World Languages viewed by 1288 persons
Asked by wiki @ in Business viewed by 1511 persons
Asked by admin @ in Economy viewed by 1900 persons
Asked by admin @ in Economy viewed by 1336 persons
Asked by admin @ in Economy viewed by 1023 persons
Asked by admin @ in Economy viewed by 1002 persons
Asked by admin @ in Economy viewed by 937 persons
Asked by admin @ in Economy viewed by 934 persons
Asked by admin @ in Economy viewed by 882 persons
Asked by admin @ in Economy viewed by 871 persons
Asked by admin @ in Economy viewed by 856 persons
Asked by admin @ in Economy viewed by 802 persons
Asked by admin @ in Economy viewed by 780 persons
Asked by admin @ in Economy viewed by 779 persons
Asked by admin @ in Economy viewed by 736 persons