Technological change that makes it easier to produce in a "cleaner" fashion would cause
A) the marginal cost curve of pollution abatement to shift left, increasing the degree of air quality.
B) the marginal cost curve of pollution abatement to shift right, increasing the degree of air quality.
C) the marginal benefit curve of pollution abatement to shift right, increasing the degree of air quality.
D) the marginal benefit curve of pollution abatement to shift left, increasing the degree of air quality.
Answer: B
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A market with a large number of sellers
A) can only be a perfectly competitive market. B) might be an oligopoly or a perfectly competitive market. C) might be a monopolistically competitive or a perfectly competitive market. D) might be a perfectly competitive, monopolistically competitive, oligopoly, or monopoly market. E) can only be a monopolistically competitive market.
Total surplus is
a. equal to consumer surplus minus producer surplus. b. equal to the total value to buyers minus the total cost to sellers. c. equal to consumers' willingness to pay plus producers' cost. d. greater than the sum of consumer surplus plus producer surplus.