In 1985 a Desert Community Stopped Pumping Water from a 1000

question 71

Multiple Choice

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)water production is characterized by increasing opportunity costs.
• C)markets cannot reach equilibrium because there is a persistent shortage of water.
• D)higher water prices can reduce quantity demanded but cannot increase quantity supplied.

Understand the basic concepts of acids, bases, and pH levels, including their effects on hydrogen ion concentration.

Identify the role of macromolecules in biological systems, including carbohydrates, proteins, and nucleic acids.

Explain the biological significance of the structure and function of carbohydrates, proteins, and nucleic acids.

Understand the roles of lipids in cellular structures and energy storage.

---

Definitions:

Holding Cash

Maintaining a portion of one's assets in liquid cash form to meet immediate needs or prepare for future expenses or investment opportunities.

Total Costs

The complete amount of expenses incurred by a business or project, including both fixed and variable costs.

Money Market Instruments

Short-term financial instruments typically with high liquidity and very low risk.

Default Rates

The frequency at which borrowers fail to make payments on their loans or securities according to the terms agreed upon.