Which of the Following Statements Is True of the Kyoto

question 41

Multiple Choice

Which of the following statements is true of the Kyoto Protocol?

• A)It called for a 50 percent reduction from 1990 levels of greenhouse gas emissions to be achieved by 2010.
• B)It became binding when ratified by 180 countries,on Russia's ratification in late 2004.
• C)It was ratified first by the United States.
• D)It acknowledged that underdeveloped countries were principally responsible for the greenhouse gas levels at that time.

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Definitions:

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, leading to competition based on factors other than price.

Economic Profits

Economic profits are the surplus remaining after deducting both explicit and implicit costs from total revenue, reflecting the true profitability of a business.

Number of Firms

Refers to the total count of business entities participating in a particular market or industry.

Long-Run Equilibrium

a state in which all factors of production can be adjusted, and all firms in the market are making zero economic profits, reflecting a situation of perfect competition.