Economics · Consumption Function
Consider the following statements regarding MPC and APC: 1. MPC is always less than APC. 2. APC can be greater than one at low income levels. 3. MPC remains constant in the short run. Which of the above statements is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11 and 2 only
- 22 and 3 only
- 31 and 3 only
- 41, 2 and 3✓
Correct answer
1, 2 and 3
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