Use the Following Statements to Answer This Question

Multiple Choice

Use the following statements to answer this question:
I. Even though people need water to survive, the price of water is less than the price of diamonds because water is in greater supply than diamonds.
II. Suppose that the demand for corn is highly price inelastic. If every corn farmer's harvesting technologies become more efficient, the total revenue received by all corn farmers would fall.

A) I and II are true.
B) I is true, and II is false.
C) II is true, and I is false.
D) I and II are false.