Two persons with equal average propensities to consume will not necessarily have equal standards of living because of differences in income.

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Even if two persons have equal average propensities to consume, their standards of living will differ based on their incomes. A person with a higher income will be able to afford more goods and services, leading to a higher standard of living. Thus, income plays a crucial role in determining a person's standard of living, in addition to their propensity to consume.

Two Persons with Equal Average Propensities to Consume Will Not