When Is Formal Rulemaking Required? Explain Whether Formal or Informal

question 17

Essay

When is formal rulemaking required? Explain whether formal or informal rulemaking is used more frequently.

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Definitions:

Government Intervention

The involvement of government in the market, aimed at correcting market failures, redistributing income, or achieving societal goals.

Excise Tax

A tax levied on specific goods, services, or activities, often with the aim of reducing their consumption or generating revenue.

Equilibrium Output

The level of output at which the quantity supplied equals the quantity demanded in a market.

Pollution Abatement

Actions or measures implemented to reduce, control, or eliminate pollution from various sources.