Change in the demand of apples due to increase in its price is _______.

increase of demand

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decrease of demand

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contraction of demand

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extension of demand

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Solution

The correct option is A contraction of demand
Change in the demand of apples due to increase in its price is contraction of demand. It happens when other things remaining constant, only the price of the product increases.

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Similar questions

List-I	List-II
(a) Contraction of Demand	(i) Non-Price change effect
(b) Decrease in Demand	(ii) Demand curve remains the same
(c) Increase in Demand	(iii) Price change effect
(d) Expansion of Demand	(iv) Shifts the Demand curve

Increase in quantity demanded of a commodity due to a fall in its price is called

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