If the price elasticity of supply is 3, supply is:

Suppose the price of water rose sharply. Other things constant, what is the least likely to occur?

A) People will consume less water. B) Fewer swimming pools will be filled with water. C) More high-pressure showerheads will be sold. D) The demand for water will fall.

A common resource is best described as a resource where

A) there is a positive externality in consumption. B) there is a negative externality in consumption. C) there is a positive externality in production. D) there is a negative externality in production.