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Hazardous waste treatment may give rise to contamination of groundwater, but firms that treat hazardous waste can exercise precaution to reduce the risk of groundwater contamination. The government must decide whether to impose (i) ex ante regulation in the form of performance standards for waste treatment or (ii) strict liability for any damages to groundwater. Explain how each of the following circumstances would affect your choice between these two approaches. Consider economic efficiency only, not distributional issues. Rather than give general arguments, focus on the reasons that standards or liability become more favorable because of each circumstance. Please number your responses. 1. Firms treat wastes with varying chemical characteristics and the efficacy of precautions depends on a lot on the chemical characteristics. 2. Groundwater is hard to monitor, so some episodes of contamination may not be detected. 3. Hazardous waste treatment facilities are all small firms with limited capital