Some competitive firms are willing to operate at a loss in the short run because their revenues are at least able to cover their variable costs

Which one of the following statements is true?

a. The demand for water tends to be price inelastic for both residential and irrigation uses b. The demand for water tends to be price elastic for both residential and irrigation uses c. The demand for water tends to be price elastic for residential uses but price inelastic for irrigation uses d. The demand for water tends to be price inelastic for residential uses but price elastic for irrigation uses e. The demand for water is more inelastic in the long run

The most prevalent market structures in the U.S. economy are perfect competition and monopolistic competition

Indicate whether the statement is true or false