The spirit of Engel’s Law is that with an increase in family income:
Engel’s Law states that the proportion of income spent on food declines as family income increases. Food expenditure may still rise in absolute terms, but it grows less than…
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The spirit of Engel’s Law is that with an increase in family income:
Answer and explanation
Correct answer C
Engel’s Law states that the proportion of income spent on food declines as family income increases. Food expenditure may still rise in absolute terms, but it grows less than proportionately with income.
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West Bengal SET (WB SET)