Which of the Following Statements Is TRUE

Multiple Choice

Which of the following statements is TRUE?
I. The EPA's tradable allowances program for sulfur dioxide establishes property rights to pollute and helps reduce transaction costs by distributing allowances, maintaining databases, and monitoring emissions.
II. One criticism of tradable allowances is that they prohibit nonbusinesses and environmental groups from purchasing the allowances.
III. The tradable allowances for sulfur dioxide have performed poorly because electricity output has increased, causing a rise in sulfur dioxide levels.

A) I only
B) II and III only
C) I, II, and III
D) III only