According to economist Richard Gill in the video presentation,the experience of Marin County residents during the drought of the 1970s shows that
A) scarcity is not as much of a factor in determining price as economists once thought.
B) people tend to be very careful in their use of scarce resources.
C) price has more impact on total utility than on marginal utility.
D) when there is no substitute for a resource its demand is high.
E) the total utility of water rises as it becomes less available.

Question

Quizplus · Accepted Answer

Richard Gill explains that during the drought of the 1970s in Marin County, residents were careful in their use of scarce resources, indicating that people tend to be careful when resources are scarce.

According to Economist Richard Gill in the Video Presentation,the Experience