Questions

Demand curve is the relationship between price and quantity of product. In perfect competition, the demand curve for the product by a firm is perfectly elastic at maket price.

Fixed cost per unit increases when production volume decreases. The fixed cost per unit does not always remain the same. Fixed cost per unit increases when production volume decreases and vice versa.

The Kyoto Protocol is an international agreement linked to the United Nations Framework Convention on Climate Change, which commits its Parties by setting internationally binding emission reduction targets.

Recognizing that developed countries are principally responsible for the current high levels of GHG emissions in the atmosphere as a result of more than 150 years of industrial activity, the Protocol places a heavier burden on developed nations under the principle of "common but differentiated responsibilities."