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

Question

Quizplus · Accepted Answer

The biggest challenge to efforts to begin correcting this market failure is the need for coordinated policy design among all major governments of the world. Climate change is a global problem and requires a global response, which can only be achieved through international cooperation and coordination. Without all major governments working together, it will be impossible to effectively address the problem of climate change. Thus, option C is the correct answer. Options A, B, and D are all important factors to consider in addressing climate change, but they are not the biggest challenge. Option E is incorrect as climate change can indeed be compared to a market failure, as it is a result of the failure of markets to account for the true costs of greenhouse gas emissions.

In 2006,Professor Nicolas Stern of the United Kingdom Stated "Climate