According to Engel's Law in microeconomics, as a household's income increases, the proportion of income spent on food:
Options:
- A: Increases proportionally
- B: Decreases
- C: Remains strictly constant
- D: First decreases then increases
Related Practice Questions:
- A sum of ₹4000 is invested at compound interest for 2 years at a rate of 10% per annum. What will be the total amount at the end of 2 years?
- At what rate of simple interest per annum will a sum of money double itself in 8 years?
- The difference between the compound interest and simple interest on a certain sum of money for 2 years at 5% per annum is ₹25. Find the sum.
- The study of living organism :
Loading Preview