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Extension and Contraction of Demand with Graph

Extension and Contraction of Demand
Assuming other factors (or determinants) remain constant (don't change), the change seen in the demand due to a change in the price is called Extension and Contraction of Demand.The concept of extension and contraction of demand in economics can be studied and best understood with the help of the following graph.Image credits © Gaurav Akrani.In the above

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