Which One of the Following Statements About a System of Tradable

Which one of the following statements about a system of tradable carbon permits is false?

A) An advantage of carbon permits is that greenhouse gases could be reduced at the lowest
cost.
B) Nations can emit more carbon if they purchase additional permits.
C) The equilibrium price of a carbon permit depends on the willingness to pay for carbon
emissions.
D) A carbon permit system would require each country to meet their emissions targets.
E) Nations which exceed their targets can sell permits to other countries.