Defend or refute the statement. Write ‘yes’ or ‘no’ with reaso – InterviewSolution

1.	Defend or refute the statement. Write ‘yes’ or ‘no’ with reason:Decrease in demand refers to contraction of demand.
Answer» No. Decrease in demand refers to decrease in quantity demanded of a commodity at its existing price. It is a situation of backward shift in demand curve, not of contraction of demand.

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