Consider the utility function U(X; Y ) = 3X + ln(Y ). How many of thefollowing statements are true?

The corresponding indierence curves slope downward at a decreas-

ing rate.

Preferences are monotonic in both goods.

The consumer needs to be compensated with increasing amounts of

good X in order to be willing to give up each additional unit of good

Y .

Good Y exhibits a diminishing marginal utility.

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