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Michigan has an abundant supply of freshwater
Michigan has an abundant supply of freshwater. However, an economist would consider it a scarce resource because:
a) water commands a very high price.
b) the cost of supplying water is prohibitively high.
c) pollution will eventually destroy all life in the Great Lakes.
d) water is limited in supply relative to people's unlimited wants.
e) water is necessary for human survival.
Expert Solution
d) water is limited in supply relative to people's unlimited wants
Although Michigan has an abundant supply of freshwater, it is limited as compared to unlimited wants of water. Water is extremely valuable for human survival. Even if it is abundant, there are complete chances of finishing water due to environmental causes. If the population and its water-dependent activities increase, the water even if abundant is limited as compared to the never-ending needs and demands of water by humans and other dependent creatures.
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