Which of the following statements are false? (i) If a 12% decrease in an individual’s income increases his quantity demanded for oats by 6%, the income elasticity of demand coefficient is -2. (ii) In a supply-and-demand graph, producer surplus can be pictured as the area between the equilibrium price line and the demand curve to the left of equilibrium output. (iii) An increase in the number of available substitutes for a good will decrease the price elasticity of demand (in absolute value) for the good.

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