Economics · Consumer Behaviour
The essence of Engel's Law is that as family income increases:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The absolute expenditure on food declines
- 2The proportion of income spent on food declines✓
- 3The savings rate continuously declines
- 4The proportion of income spent on luxuries declines
Correct answer
The proportion of income spent on food declines
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