Distinguish between contraction of demand and decrease in demand
Asked by admin @ in Economy viewed by 145 People
A) what is the difference between Contraction of demand and decrease in demand.
Asked by admin @ in Economy viewed by 145 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.
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