Answer:
A budget set represents those combinations of consumption bundles that are available to the consumer given his/her income level and at the existing market prices. In other words, it represents those consumption bundles that the consumer can purchase using his/her money income (M). It is represented by the following inequality condition: \[{{P}_{1}}{{x}_{1}}+{{P}_{2}}{{x}_{2}}\le M\]
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