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Author Question: Evaluate the following statement: Water is plentiful, therefore it can't be a scarce resource like ... (Read 118 times)

xclash

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on: Jun 29, 2018
Evaluate the following statement: Water is plentiful, therefore it can't be a scarce resource like oil which is not as plentiful.
 
  What will be an ideal response?

Question 2

Which average cost curves are U-shaped?
 
  What will be an ideal response?


cdmart10

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The truth is that both water and oil are scarce because they are both limited in supply. The fact that water happens to be more plentiful than oil doesn't make it any less scarce of a resource.

Answer to Question 2

Both the average total cost and the average variable cost curves are U-shaped. The only average cost curve that is not U-shaped is the average fixed cost curve.


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