1. A cap-and-trade scheme with the cap equal to efficient level of pollution _______. A. Leads to the price of a permit = MEC and achieves an efficient outcome. B. leads the price of a permit = MPC and achieves an efficient outcome. C. Leads to the price of a permit = MSC and achieves an efficient outcome D. minimizes the cost of controlling pollution to the desired (efficient) level.  E. A and D.

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