In 2006,Professor Nicolas Stern of the United Kingdom stated ʺClimate change is the greatest market failure the world has ever seen.ʺ Which of the following statements describes the biggest challenge to efforts to begin correcting this market failure?

Question

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The biggest challenge to correcting the market failure of climate change is the need for global coordination and cooperation in policy design and implementation. Climate change is a global problem that requires all major governments to take action, and any one country's efforts alone will not be enough to effectively address the issue. Therefore, international cooperation is crucial. Options A, B, and D primarily focus on the costs and actions of individual governments, while option E suggests that climate change is not comparable to a market failure, which is not accurate.

In 2006,Professor Nicolas Stern of the United Kingdom Stated ʺClimate