Suppose a 10% increase in the price of steak reduces the consumption of steak by 30%. Such a price rise will induce households to spend

A) less of their income on steak.
B) more of their income on steak.
C) the same amount on steak as before.
D) more on products that are complementary with steak.

Consumption

The use of goods and services by households or individuals, which is a primary component of economic activity.

Income

The financial money received, especially on a regular basis, for work, through investments, or from business activities.

Steak

A high-quality cut of meat taken from the hindquarters of an animal, typically beef, prepared by grilling, frying, or broiling.