In 1985 a desert community stopped pumping water from a 1000 foot well because it had run dry. In 2005 the price of water doubled. The community then drilled the well deeper and started pumping again. In this community:.
a. the supply of water is perfectly inelastic because it is a finite resource.
b. higher water prices can reduce quantity demanded but cannot increase quantity supplied
c. the supply of water is perfectly inelastic because it is a finite resource.
d. higher water prices can reduce quantity demanded but cannot increase quantity supplied.
e. markets cannot reach equilibrium because there is a persistent shortage of water.
f. water production is characterized by increasing opportunity costs
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