Budget Set is a bundle of the combination of two commodities that the Budget Line represents. It lies below the Budget Line, and it helps determine the possible quantities of each item that a consumer can buy given their income and the market value of those two goods.
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Answer:
Budget Set is a bundle of the combination of two commodities that the Budget Line represents. It lies below the Budget Line, and it helps determine the possible quantities of each item that a consumer can buy given their income and the market value of those two goods.
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A budget set is a set of all possible combinations of the set of two goods, which a consumer can afford at given prices and money income.