Question

Distinguish between decrease in demand and contraction of demand.

Solution

Decrease in demand is at the same price due to change in factors other than the price whereas contraction of demand is due to rise in the price of the commodity itself.

Some More Questions From Theory Of Consumer Behaviour Chapter

When does a consumer attain equilibrium according to indifference curve approach?

Give meaning of demand.

Name two determinants of demand.

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Theory Of Consumer Behaviour

Distinguish between decrease in demand and contraction of demand.

Some More Questions From Theory Of Consumer Behaviour Chapter

When does a consumer attain equilibrium according to indifference curve approach?

Give meaning of demand.

Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

What is demand schedule?

Why does demand curve slope downwards?

Differentiate between substitute and complementary goods.

What is meant by one good being substitute of other?

What is meant by one good being complementary to another.

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