First state that budget set depends on income and prices. Then income increases while prices remain constant. As a result, consumers can buy more goods. The new budget line is then:
P1X1+P2X2=M′
Arrange the following statements showing the change in budget set due to change in income.
(A) The equation of the budget line is P1X1+P2X2=M′.
(B) Consumer's income increases from M to M′, but the price of goods remains constant.
(C) The set of available bundles depends upon prices and the income of the consumer.
(D) Consumers can buy more of the goods at the prevailing market prices.
Choose the correct answer from the options given below:
Held on 3 Jun 2025 · Verified 13 Jul 2026.
(A), (B), (C), (D)
(B), (A), (C), (D)
(B), (A), (D), (C)
(C), (B), (D), (A)
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