Assume that to meet pollution reduction obligations Canada places a cap on domestic carbon dioxide (CO2) emissions. Compare(i)a command-and-control approach,(ii)a tradable emission permits (TEP's) system and(iii)an emission tax as ways to achieve the cap. Assume that government implements the tool uniformly: eitherx-units standard for each polluter, or the same emission charge$yfor each polluter, orz-permits to each polluter. Compare these three tools with respect to:

• Achieving efficient allocation of emissions