Can I change the action that occurs when I close my laptop's lid? Is there any way to change what happens when I close the lid of my laptop?

Do macs have the option of hibernating vs. sleeping like PC's do?

If so, which of these is the default behavior when I close the lid?
macs do have hibernate and sleep, the default on newer machines is a combination. the closing of the lid saves to disk for hibernate but on wakeup if the battery has not run out it wakes from sleep. Macworld explanation

You can change it from the command line

sudo pmset -a hibernatemode 3


Or via preference pane

Apple docs