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what causes an upward movement along a demand curve of a commodity?

Asked by Shinu Hardaha(student) , on 12/7/12

EXPERT ANSWER

The upward movement in the demand is also known as contraction of demand. Contraction of demand refers to fall in demand of a commodity due to rise in it's price.

Look at the graph.With rise in price from P1 to P2, the quantity demanded falls from Q1 to Q2. This is shown as contraction in quantity demanded due to rise in price.

Posted by Teena Wadhwa(MeritNation Expert)on 13/7/12

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