verify lord j.m.Keynes psychological law of consumption on the basis o – InterviewSolution

1.

verify lord j.m.Keynes psychological law of consumption on the basis of the basis of the survey of five family bugets

Answer»

lord keynes STATED that additional consumption is always LESS than additional INCOME.

This is true in most cases. For the POOR, they must consume everything they earn but for the rest it is not true.

For five families, the PSYCHOLOGICAL law of consumption holds and they consume less than what they earn.

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