What does the term quot shrinkflation quot refer to in economics ........

Indian Economic System(CSC) Inflation

What does the term "shrinkflation" refer to in economics?

An increase in the price of goods due to increased demand.

A decrease in the size or quantity of a product while maintaining the same price.

An economic period characterized by shrinking GDP and high inflation.

A strategy where companies increase the price of goods while improving.

Shrinkflation

British economist Pippa Malmgren is credited for inventing the term in 2009.
Shrinkflation is the process of reducing the size or quantity of a product while the price of the product remains the same.
Shrinkflation is a form of hidden inflation.
The absolute price of the product doesn’t go up, but the price per unit of weight or volume has increased.
Shrinkflation is widely used by producers in the food and beverage industry.

Hence option 2nd is correct.