Final answer:
A consumer’s consumption possibilities depend on all of the following items except the consumer’s preferences.
Thus, the correct option D.
Step-by-step explanation:
A consumer’s consumption possibilities depend on various factors that determine what and how much they can afford to purchase. However, the item that does not affect a consumer's consumption possibilities is the consumer’s preferences. Preferences reflect desires but do not directly impact the tangible ability to consume goods or services.
- The prices of the goods directly affect how much of a good a consumer can afford to buy.
- The consumer's budget determines the overall limits of spending, affecting the quantities of goods that can be purchased.
- The quantities of the goods that the consumer can afford are dependent on the budget and prices.
- The consumer's preferences indicate what they would like to buy but do not change the actual opportunity set available based on their budget and prices.
Understanding these factors helps grasp how changes in income and prices affect consumption choices. A higher income typically allows for the purchase of more normal goods, while price increases generally result in lower demand for that good, depending on the elasticity of demand, which does correlate with preferences. Still, preferences alone do not determine the opportunity set of affordable consumption combinations.
Therefore, the correct option D. the consumer’s preferences