Q1134
Consider the following statements 1. Decrease in demand is caused by change in factors other than own price of the commodity. 2. Contraction of demand is caused by decrease in own price of the same commodity. 3. Extension of demand is caused by increase in own price of the same commodity. Which of the statement(s) given above is/are correct?
A.
Only 1
AnswerB.
Both 1 and 2
C.
Both 2 and 3
D.
None of these
Answer: Option A
Solution
Answer: Option A
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