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Business, 27.03.2020 17:07 wwall7

Increasing consumption of one good means consumption of the other good must decrease in order to maintain constant utility. Additionally, individuals experience less marginal utility for each additional unit consumed. These statements explain why indifference curves must be:

a. downward-sloping and concave.
b. downward-sloping and convex.
c. upward-sloping and concave.
d. upward-sloping and convex.

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