Kenneth Chay and Michael Greenstone examined the impact of reductions in air pollution since the passage of the Clean Air Act of 1970. Which of the following statements summarizes their findings?
A) In the two years following passage of the Act, fewer infants died than would have died if the Act had not been passed.
B) The benefits of reducing the six main air pollutants in the two years following the Act greatly exceeded the costs.
C) The marginal cost of reducing emissions of sulfur dioxide has increased over time as the marginal benefit of the reductions has increased.
D) The marginal benefit of reductions in air pollution was less than the marginal cost.
Question 2
An inferior good is a good for which the quantity demanded increases as the price decreases, holding everything else constant.
Indicate whether the statement is true or false
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