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Suppose that if all cars have catalytic converters on them, air quality in a city will increase by 20%.A person's WTP for this improvement in
Suppose that if all cars have catalytic converters on them, air quality in a city will increase by 20%.A person's WTP for this improvement in air quality is $300 a year.To have a catalytic converter on their car, a person has to pay $225 a year.What does requiring people to have catalytic converters on their cars do to this person's welfare?
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