New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    WHEN THE demand changes due to increase in its own

    price, it is known as
    A Expansion in demand Correct Answer Incorrect Answer
    B Contraction in demand Correct Answer Incorrect Answer
    C Decrease in demand Correct Answer Incorrect Answer
    D Increase in demand Correct Answer Incorrect Answer

    Solution

    Contraction in demand occurs when demand falls due to rise in price

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