Hicks' notion of income is that:
A) An individual's income is what they consume.
B) An individual's income is the minimum value that they can consume during a period and still be as well off at the end as they were in the beginning.
C) An individual's income is the difference between their revenues and expenses.
D) An individual's income is the maximum value that they can consume during a period and still be as well off at the end as they were in the beginning.
E) None of the given answers.

Question

Quizplus · Accepted Answer

Hicks' notion of income is defined as the maximum amount an individual can consume in a period while maintaining the same level of well-being at the end of the period as at the beginning.

Hicks' Notion of Income Is That