Economics · Consumer Behaviour
According to Keynes' Psychological Law of Consumption, as income increases, consumption also increases but generally at a/an:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Unpredictable and volatile rate
- 2Lower proportion than the increase in income✓
- 3Equal proportion to the increase in income
- 4Higher proportion than the increase in income
Correct answer
Lower proportion than the increase in income
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