Problem
a. Based on the analysis of the bubble policy given in this chapter, discuss why transaction costs are so important in explaining the success or failure of the EPA's bubble program.
b. How would you devise a program that minimizes the transaction costs of bringing polluters together so that they could effectively equalize the level of their individual MACs?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.