Economy, asked by Anonymous, 9 months ago

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Explain the Keynes psychological law of consumption with diagram?
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Content quality required.

Answers

Answered by snehakakrania13

Answer:

Keynes's Psychological Law of Consumption: Further, Keynes put forward a psychological law of consumption, according to which, as income increases consumption increases but not by as much as the increase in income. In other words, marginal propensity to consume is less than one.

Keynes's Psychological Law of consumption.

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