Examlex
If the demand for water is inelastic,then as the price of water falls,quantity demanded of water will ________ and total revenue will ________.
Resources
The inputs or factors of production, including land, labor, capital, and entrepreneurship, that are used in the creation of goods and services.
Demand
The volume of commodities or services people are inclined and financially capable of purchasing at various price points during a designated time.
Opportunity Cost
Opportunity cost represents the value of the best alternative forgone when a decision is made to choose one option over another.
Bushel
A measure of volume that is used primarily for agricultural crops, with the exact measurement differing by product.
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