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4. What is the difference between neutral technical change and non-neutral technical change? Give an example of non-neutral technical change that has been important in
4. What is the difference between neutral technical change and non-neutral technical change? Give an example of non-neutral technical change that has been important in American history.
5. Describe some circumstances in which costly pollution regulation would have no effect on the supply curve of a firm?
6. What is meant by a Pareto-efficient allocation of resources?
7. Is the outcome of voluntary exchange likely to be Pareto-efficient?
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