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Indifference curves allow us to show how an individual consumer is willing to trade off one good for another without changing their overall level of

Indifference curves allow us to show how an individual consumer is willing to trade off one good for another without changing their overall level of satisfaction or well-being. There are three assumptions that are made about consumers that are central to the consumer choice theory. Explain what each of these assumptions mean in terms of consumer choice. For each one, provide an example of the assumption not holding in the real world.

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