Which of the following is not true?
1
Total effect of price change on consumption of a good is a combination of income effect and substitution effect
2
For inferior goods, income effect is always larger than substitution effect, in absolute terms.
3
For corner solution \(\rm \operatorname{MRS}_{x y} \neq \frac{\mathrm{P}_x}{\mathrm{P}_y}\)
4
For a normal good both the income and substitution effect hold