Economics · Consumer Behaviour
According to Engel's Law of consumption, which of the following statements is INCORRECT?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The proportion of income spent on luxuries increases as income increases.
- 2The proportion of income spent on education and recreation increases as income increases.
- 3The absolute expenditure on food decreases as income increases.✓
- 4The percentage of income spent on food decreases as income increases.
Correct answer
The absolute expenditure on food decreases as income increases.
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