Economics · Consumption Function
According to Milton Friedman's Permanent Income Hypothesis, in the consumption function C = kYp, where k is a constant, k is:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Less than both APC and MPC
- 2Equal to APC and less than MPC
- 3Equal to APC and greater than MPC
- 4Equal to Average Propensity to Consume (APC) and Marginal Propensity to Consume (MPC)✓
Correct answer
Equal to Average Propensity to Consume (APC) and Marginal Propensity to Consume (MPC)
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