What is the name of the law that states that as a family's income increases, the percentage spent on food will decrease?

Question

Quizplus · Accepted Answer

Engel's Law states that as a family's income increases, the percentage spent on food will decrease. Option A is incorrect because there is no such law as "Consumption Law". Option C is incorrect because "The Law of Diminishing Returns" refers to a situation where adding more resources results in a decrease in the marginal product or output. Option D is incorrect because "Case Law" refers to legal precedents set by court cases.

What Is the Name of the Law That States That