Suppose a Decrease in the Supply of Bottled Water Results

question 102

Multiple Choice

Suppose a decrease in the supply of bottled water results in a decrease in revenue.This indicates that

• A)the demand for bottled water is inelastic in the price range considered.
• B)the demand for bottled water is elastic in the price range considered.
• C)the supply of bottled water is inelastic in the price range considered.
• D)the supply of bottled water is elastic in the price range considered.

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Definitions:

Skin Cancer

A type of cancer that develops in the cells of the skin, often due to overexposure to ultraviolet radiation from the sun or other sources.

Carbon Dioxide

A transparent, fragrance-free gas produced by the combustion of carbon compounds and through respiratory processes. It is a component that naturally permeates the air, and is instrumental for the photosynthesis conducted by plants.

Human Activities

Refers to actions or tasks performed by humans that affect the environment, society, and economy.

Atmosphere

The layer of gases surrounding Earth or another planet, essential for life as it provides air to breathe and protects from solar radiation.