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Question
What can lead to change in budget set?
Options
When the level of income changes
When price of one good changes
When price of both the goods change
All of the above
MCQ
Solution
All of the above
Explanation:
Situation that necessitates a budget change:
- When price of one good changes
- When the level of income changes
- When price of both the good change
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Consumer's Equilibrium
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