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"If a product price increases,a family's …

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"If a product price increases,a family's spending on the product has to increase."Defend or Refute.

    • Posted by Siddhant Singh Rathore 7 years, 11 months ago

    CBSE > Class 12 > Economics
    • 1 answers

    Mikun Mk 7 years, 11 months ago

    Above statement is refuted as there can be possibly three situation- 1) With increase in price total expenditure (TE) can increase i.e. when ed<1 2) With incr. In price TE can fall i.e. when ed>1 3) With incr. In price there is no change in TE i.e. when ed=1.

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