The price of water affects the value people will place on water because
What will be an ideal response?
the price affects the uses to which they will put water.
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When would a risk averse individual not insure a risky event?
What will be an ideal response?
A firm that acquires a substitute product can try to reduce inter-product cannibalization by
a. Doing nothing b. Repositioning its product or the substitute so that they do not directly compete with each other c. Pricing each product at the same level d. Lowering the prices on both the products
Which of the following would most likely cause the supply of wheat to increase?
What will be an ideal response?
The difference between the demand curve and the supply curve is that the demand curve shows ______, whereas the supply curve shows______.
a. the lowest price suppliers are willing to accept for a good or service; the highest price consumers are willing to pay for it b. the highest prices consumers are willing to pay for a good or service; the lowest prices suppliers require to provide it c. how increasing the price of a good increases its luxury status; how long it takes to bring goods to market d. how popular an item is regardless of its price; the available stock on hand at a given point in time