Question: 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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