The budget set is defined as the set of all bundles that a consumer can afford to buy given the income and prevailing market prices. It includes all points on and inside the budget line. Option 2 and 4 describe only the budget line, not the entire budget set.
Budget set of a consumer is defined as:
CUET UG 2022 — Economics Micro
2022mcqeasy
Budget set of a consumer is defined as:
Official previous-year question
Verified 13 Jul 2026.
Options
- A
The collection of all bundles that the consumer can buy with the given income at the prevailing market price.
- B
The collection of all bundles that exactly cost the given income of the consumer at prevailing market price.
- C
The collection of all bundles that the consumer desires to purchase.
- D
The collection of all bundles that lies on budget line.
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