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Thanks to Phil_Seamark's insightful guidance and examples in his fantastic new book, Beginning DAX with Power BI: The SQL Pro’s Guide to Better Business Intelligence, I finally "get" the GENERATE fun...
Refer this video if you want to learn more regarding this topic. Expand the date range in Months i.e., 'Start of month' rather than in days.
Generate Dates between Start and End Date in Power Query - YouTube