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Question
Which of the following is true about the market-based approach to environmental responsibility?
a. Market failure occurs when no markets exist to create a price for important social goods.
b. Free market exchanges can guarantee optimal results for addressing issues related to externalities.
c. The market-based approach always ensures that what is good and rational for a collection of individuals is also good and rational for a society.
d. Markets can be very successful if important ethical and policy questions and policy decisions are left solely to the outcome of individual decisions.
Answer
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