Tom's consumption possibilities is defined by
A) his income and the prices of the goods that he consumes.
B) his preferences for consumption of the goods that he consumes.
C) the prices of the goods that he consumes only.
D) his income only.

Question

Quizplus · Accepted Answer

Tom's consumption possibilities are determined by his income and the prices of the goods he consumes, as these factors define what combinations of goods he can afford.

Tom's Consumption Possibilities Is Defined by