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This increase in the size of the budget set implies that the consumer will be better-off as defined with the new consumer optimum at point T. With this increase in income, the consumer chooses to consume both more of both goods indicating that they are both normal goods to that individual.
Wiktionary(0.00 / 0 votes)Rate this definition: turning point(Noun) A decisive point at which a significant change or historical event occurs, or at which a decision must be made. turning point(Noun) A maximum or minimum on a graph. turning point(Noun) A crossroads.