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For this question, consider the externality related to greenhouse gas emissions causing climate change. a. (2 pts) What are the two types of economically efficient

For this question, consider the externality related to greenhouse gas emissions causing climate change.

a. (2 pts) What are the two types of economically efficient government policies to reduce greenhouse gas emissions?

b. (5 pts) Explain the intuition for why these policies can achieve economic efficiency for reducing greenhouse gas emissions.

c. (4 pts) Explain why these policies reduce greenhouse gas emissions at less economic cost than command and control policies?

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