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Which of the following statements is incorrect?
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[A]. |
An indifference curve must be downward sloping to the right | [B]. |
Convexity of a curve implies that the slope of the curve diminishes as one moves from left to right
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[C]. |
The elasticity of substitution between two goods to a consumer is zero | [D]. |
The total effect of a change in the price of a good on its quantity demanded is called the price effect |
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