Explain the distinction between budget set and budget line. When can a

1.	Explain the distinction between budget set and budget line. When can a budget line shift ?
Answer» <html><body><p></p>Solution :Budget set refers to the set of <a href="https://interviewquestions.tuteehub.com/tag/possible-592355" style="font-weight:bold;" target="_blank" title="Click to know more about POSSIBLE">POSSIBLE</a> combination of the two <a href="https://interviewquestions.tuteehub.com/tag/goods-1009877" style="font-weight:bold;" target="_blank" title="Click to know more about GOODS">GOODS</a> the consumer consume which he can afford from his income and given price, whereas budget line is the graphical <a href="https://interviewquestions.tuteehub.com/tag/presentation-1164065" style="font-weight:bold;" target="_blank" title="Click to know more about PRESENTATION">PRESENTATION</a> of the whole collection of the combination of the two goods which costs the consumer exactly his income.The budget line will <a href="https://interviewquestions.tuteehub.com/tag/shift-1205367" style="font-weight:bold;" target="_blank" title="Click to know more about SHIFT">SHIFT</a> when there is: A change in the prices of one or both products with nominal income (budget) <a href="https://interviewquestions.tuteehub.com/tag/remaining-1184297" style="font-weight:bold;" target="_blank" title="Click to know more about REMAINING">REMAINING</a> the same.</body></html>

Explain the distinction between budget set and budget line. When can a budget line shift ?