Branding Iron Products, a specialty steel fabricator, operates a plant in the town of West Star, Texas.
a. Impose a tax on the amount of particulate matter and the amount of waste water emitted by the firm.
b. Prohibit pollution by the firm.
c. Offer tax incentives to the firm to clean up its production processes.
Evaluate each of these alternatives from the perspectives of economic efficiency, equity, and the likely long-term impact on the firm.
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