Which of the following are correct statements regarding indifference curves?
(A) Indifference curves for two goods are always downward sloping.
(B) Indifference curves can never intersect each other.
(C) Higher indifference curves represent lower levels of satisfaction.
(D) Indifference curves are convex to the origin.
(E) Indifference curves reflect the consumer’s preferences for various combinations of goods.
1
(A), (B), and (D) only
2
(A), (C), and (E) only
3
(B), (D), and (E) only
4
(A), (B), and (E) only