(Last Word) A cap-and-trade program:
A. assigns a property right to the atmosphere.
B. mandates that every firm individually cut its emissions to below a certain level.
C. assigns a property right to polluting the atmosphere.
D. is easy to establish and enforce.
Answer: C
Economics
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A consumer's budget constraint is
A) the limited income that a consumer has to spend on goods and services. B) the extent to which one's preferences are limited by one's income. C) the price ratio a consumer faces in the marketplace. D) the rate at which the consumer must give up one good to purchase an additional unit of the other goods in the market.
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