Which of the following statement regarding perfect substitute is correct with respect to indifference curve analysis ?
1
Indifference curves are ‘L’ shaped and there is corner solution
2
Indifference curves are downward sloping straight line and the consumer consumes some quantities of both the commodities
3
Indifference curves are ‘L’ shaped and equilibrium is indeterminate
4
Indifference curves are downward sloping straight line and the consumer suffers from monomania