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What Do You Mean by the Budget Set of a Consumer? - Economics

Short Note

What do you mean by the budget set of a consumer?

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Solution

It refers to the set of consumption bundles that are available to or affordable by the consumer; while being aware of his/her income-level and the existing market prices.

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APPEARS IN

NCERT Class 12 Economics Introductory Microeconomics
Chapter 2 Theory Of Consumer Behaviour
Exercise | Q 1 | Page 34
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