A merger between firms that are in the same industry is called a

Michigan has an abundant supply of fresh water. However, an economist would consider it a scarce resource because

a. water is necessary for humans' physical survival b. pollution will eventually destroy all life in the Great Lakes c. water is limited relative to people's unlimited wants d. water commands a very high price e. nature can destroy water as well as create it

The category of spending called "food away from home" makes up a smaller proportion of the market basket than which of the following categories?

A. Food at home B. Gasoline C. Medical care D. Education