According to Economic Survey 2022-23, consider the following statements regarding “Pent-Up” Demand:
1. Pent-up demand describes a rapid decrease in demand for a service or product, usually following a period of subdued spending
2. Consumers tend to hold off making purchases during a recession
Which of the above statements is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2