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Answer to Question #47622 in Microeconomics for sondra

Question #47622
link between the budget line and the budget contraint
Expert's answer
A budget constraint represents all the combinations of goods and services that a consumer may purchase given current prices within his or her given income. Consumer theory uses the concepts of a budget constraint and a preference map to analyze consumer choices. Both concepts have a ready graphical representation in the two-good case. Budget line is just another name of the budget constraint.

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