Recently, much of the Western United States experienced drought conditions and water usage was restricted in Denver. Yet, even though most people used less water, the price of water did not drop. When the drought was declared over, the water company raised water prices. However, the residents of Denver did not use less water. Here, water is1. price insensitive. 2. price elastic. 3. price inelastic. 4. price sensitive. 5. unitary elastic.
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