Economics · Consumer Behaviour
Consider the following statements regarding the 'budget set' of a consumer: (a) It shows all affordable combinations of two goods given market prices. (b) It directly depends on the prevailing commodity prices and the consumer's income. (c) It reflects the consumer's subjective psychological preferences. (d) The budget set boundary expands outward parallelly when consumer income increases. Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(a), (b), (c) and (d)
- 2(b), (c) and (d) only
- 3(a) and (c) only
- 4(a), (b) and (d) only✓
Correct answer
(a), (b) and (d) only
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