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Part 1: TRUE or FALSE? (30 points - 5 points each) Determine if each of the following statements is true or false. Explain your reasoning.

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Part 1: TRUE or FALSE? (30 points - 5 points each) Determine if each of the following statements is true or false. Explain your reasoning. All credits are given based on your explanations. 1. The budget line consists of consumption bundles that the consumer likes equally well. TRUE FALSE

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