1. What is a protocol? What do the Montreal Protocol and the Kyoto Protocol commit the signatories to do? 2. What is meant by “internalized” and “externalized” environmental costs? If a company is...

1. What is a protocol? What do the Montreal Protocol and the Kyoto Protocol commit the signatories to do?

2. What is meant by “internalized” and “externalized” environmental costs? If a company is required to “internalize its previous externalities” what does it mean?

3. What is the difference between command and control methods and the use of economic instruments to protect the environment?