Which of the following best represents the consumption function?
A) consumption = autonomous consumption + (the marginal propensity to consume × disposable income)
B) consumption = disposable income - (autonomous consumption / the marginal propensity to consume)
C) consumption = disposable income × (1 / 1 - the marginal propensity to consume)
D) consumption = autonomous consumption + (the marginal propensity to consume × transfer payments) / disposable income
A
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A monopoly is a
a. price taker b. single buyer of an input into production c. firm facing a perfectly elastic demand curve d. group of firms controlling the price and output for an industry e. price setter
There was hyperinflation during the
a. period 1880-1896 in the United States. b. 1970s in the United States. c. early part of the current century in Zimbabwe. d. All of the above are correct.