Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Soybeans are produced and sold in a perfectly competitive market. The fertilizers used in soybean production generate a negative externality by seeping liquid contaminants into local rivers. (e) If this market were a monopoly with identical cost conditions, would the monopoly’s profit-maximizing quantity be greater than, less than, or equal to QC?

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Policy Instruments for Environmental protection

Policy Instruments for Environmental Protection link policy development and decision making to policy implementation to protect the environment and promote sustainable development. Economic growth brings great risk to the environment and often puts increased pressure on environmental resources. But it is the responsibility of the policymakers to ensure that the risk caused to the environment through developmental projects is kept in check. Environmental protection is central to sustainable development. They can be both beneficial and equitable. Environment protection policies can be used to deter environmentally damaging activities. They also improve social equity and raise revenue.