Which of the following is NOT correct? Group of answer choices Agriculture is a major source of pollution. From an environmental perspective, total economic costs are private costs plus external costs. Taxation is not always effective in reducing the consumption of pesticides because the demand for them often is highly elastic. A basic premise of environmental regulation is that markets alwyas allocate resources in a manner that is in the best long-run interest of society as a whole. Market failure resulting from externalities occurs when there are substantial differences between market values and social values