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The diagram below shows the marginal costs of pollution abatement for two firms,Firm 1 and Firm 2.
FIGURE 17-5
-Refer to Figure 17-5.Suppose the government requires that each firm abate pollution to the level Q 3.The outcome would be efficient because
Settlement
An agreement reached between parties in a dispute, before or after legal action, that resolves the issues.
Choice-of-Law Clause
A provision in a contract specifying which jurisdiction's laws will be applied in interpreting the contract.
International Contract
An agreement between parties from different countries, often subject to international law or treaties.
Appellate Court
A higher court that reviews the decisions of lower courts to ensure the law was applied correctly.
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