According to water resource economists
a. water is seldom in short supply anywhere in the world.
b. we are not running out of water, but specific places do run short of water, given the status of their water supply arrangements and ease (or lack of) transferability of water among users.
c. the world is running out of water, just as it is running out of accessible oil.
d. there is no workable way to make water markets function properly, because in the end, we can't make more water the way we can make more bread or automobiles.
B
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If that the marginal propensity to save (MPS) increased from 0.20 to 0.25, this would cause the multiplier effect to
A) increase. B) decrease. C) stay the same. D) None of the above is correct.
In the long run, a firm in monopolistic competition produces where the slope of the average total cost curve is
A) negative. B) zero. C) positive. D) equal to the marginal cost.