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Consider the truthfulness of the following statements. Assume that good x is on the horizontal axis and good y is on the vertical axis, and that preferences are complete, transitive, monotonic and convex.
I. If price elasticity of demand for good x is negative, good x must be a normal good.
II. If Doug’s income consumption curve for good x and good y is upward sloping, the demand curve for good y must be downward sloping.
a. Only statement I is true. b. Only statement II is true. c. Both statements I and II are true. d. Neither statement is true.
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