From which of the following, consumers can choose their consumption bundle?

Budget Set.

The correct answer is Option (2) → Budget Set

Consumers can choose their consumption bundle from the budget set, which represents all possible combinations of goods and services that a consumer can afford given their income and prices of goods. 

The Budget Set includes:

• All bundles on the Budget Line (where the consumer spends all of their income).

• All bundles that lie inside the budget line (where the consumer spends less than their entire income).