Which of the following is indicated by the Engel's law?
A) Everything else remaining unchanged, an increase in the price of a commodity lowers the real income of the consumers.
B) In the long run an increase in per capita income will drive down the relative prices of primary products.
C) In the long run the developing countries will grow faster than the developed countries.
D) The rate of inflation in an economy is inversely proportional to the rate of unemployment.
Correct Answer:
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