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Which of the following statements regarding social preferences are correct? 1.They are the preferences of society...

Which of the following statements regarding social preferences are correct?

1.They are the preferences of society as a whole.

2Altruism is an example of social preferences.

3An individual has social preferences if he does not care about the outcomes of others in society.

4“Keeping up with the Joneses” is an example of behaviour that could be motivated by social preferences.

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