Which of the following statements is not correct?
1
The demand curve for a good is drawn on the assumption that consumer's income, the prices of other goods and the preferences of consumer are given.
2
If consumer's income increases, demand curve for a normal good shifts to the right.
3
If the price of a substitute good increases, the demand curve shifts to the left.
4
If consumer's preferences change in favour of a good, its demand curve shifts to the right.