There are many excellent substitutes for water in almost all American cities because
A) the demand for water is elastic.
B) the demand for water is inelastic.
C) the supply of water is limited.
D) there are so many alternative drinks readily available in the marketplace.
E) water is cheap, and people therefore use it for many different purposes.
E
Economics
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Perfect planting and harvesting weather results in a record high crop of wheat. If wheat growers experience an increase in total sales revenue, then the demand for wheat must be
a. price-inelastic b. unitary elastic c. perfectly inelastic d. price-elastic e. perfectly elastic
Economics
Scarcity is a temporary state of insufficiency that ends with new innovation
Indicate whether the statement is true or false
Economics