4. Which of the following is not a characteristic of the 'emissions trading' policy instrument?

a. It involves a mechanism whereby the permits available are initially distributed to producers who are potential emitters of a given pollutant.

b. The price mechanism for tradeable emissions permits helps to allocate the restricted supply of permits to those who most value them.

c. All producers are required to be equally efficient in reducing emissions of the pollutant.

d. The right to pollute can be transferred between different parties at a price determined by the market in tradeable emissions permits.

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