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Expansion & contraction of Demand curve occurs due to
- a)Change in the price of commodity
- b)Change in price of substitute or complementary goods
- c)Change in income
- d)None
Correct answer is 'A'. Can you explain this answer?
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Expansion & contraction of Demand curve occurs due toa)Change in t...
When as a result of decrease in price, the quantity demanded increases, in economics we say that there is an expansion of demand and when as a result of increase in price, quantity demanded decreases we say that there is a contraction of demand. Hence, we can conclude that expansion contraction of demand curve occurs due to change in price of a commodity.
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Expansion & contraction of Demand curve occurs due toa)Change in t...
When price of a commodity increases then it leads to decreament or we can say contraction of demand curve (this is because law of diminishing demand curve) and when price of a commodity decreases then there is expansion of demand curve as it shift towards side. it's answer cannot be change in income as when we draw graph of demand curve we assume that income of a consumer is constant.
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Expansion & contraction of Demand curve occurs due toa)Change in t...
Expansion refers to the process of increasing the size, scope, or reach of something. It can apply to various things such as a business, an economy, a government, a population, a territory, or an idea. Expansion can occur through various means such as investment, acquisition, merger, innovation, colonization, migration, or conquest. It can bring benefits such as increased profits, growth, diversity, and influence, but also risks such as overextension, competition, conflict, and inequality. Expansion is a common strategy for organizations or entities that seek to achieve their goals and aspirations, but it requires careful planning, execution, and evaluation.
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Expansion & contraction of Demand curve occurs due toa)Change in the price of commodityb)Change in price of substitute or complementary goodsc)Change in incomed)NoneCorrect answer is 'A'. Can you explain this answer?
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