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Question 13 (1 point) The net benefit to buyers from participating in a market can be measured by their total willingness-to-pay True False Question 14 (1 point) Suppose there are only two individuals in the market for a certain good. Individual As inverse demand equation is P-8-0.5Qd and individual Bs inverse demand equation is P 10-Qd. What is the aggregate demand equation for this market? Qd-14-1.5P Qd-12-2/3P Qd- 26-3P P-18-1.5Qd Question 15 (1 point) Technolopical Progress and the Marginal Cost of Production MG Mc. Q* Refer to the above diagram which shows the impact of technological improvement on the marginal cost of producing a certain good. Producing Q units with the new technology reduces total cost by an amount equal to area a+b

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13. False

It is the difference between the highest they would pay and the actual price they pay

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