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
Ans: a. The demand for water tends to be price inelastic for both residential and irrigation uses
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