Question: b- How does a technological innovation in producing fossil fuels (a reduction in the marginal cost of extracting and producing fossil fuels) affect the efficiency

b- How does a technological innovation in producing fossil fuels (a reduction in the marginal cost of extracting and producing fossil fuels) affect the efficiency of a free market for polluting industries? Use a supply and demand diagram and explain. Notes: Your graph and explanation should complement each other, and your graphical analyses should include all relevant welfare analyses. [15p]

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