Production of an economy creates pollution

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Q. Using the utility-maximization rule as your point of reference, explain the income also substitution effects of an increase in the price of product B, with no change in the price of product A

Q. Some of the production of an economy creates pollution. As a result: A. Nominal GDP is greater than real GDP B. Real GDP is greater than nominal GDP C. GDP tends to understate social welfare D. GDP tends to overstate social welfare

Q. A decrease in the fee charged for videotape rentals would result in a change illustrated by the move from

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