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Scarcity is common to all economic systems because resources are 0 limited and so are human desires and wants. 0 limited, but human desires and wants are unlimited. O unlimited due to constant technological advances. 0 unlimited and so are human desires and wants. A university conducts a survey of students, which shows that a 10 percent tuition hike would lead to a 7 percent decrease in the enrollment. If the university wants to increase its total revenue, it should tuition because the demand for education at this university is price 0 not raise;inelastic O raise; inelastic O raise; elastic 0 not raise; elastic If sellers and no one else in the market expected that the price of a bushel of wheat will increase in one month, the supply and demand model would predict that in the wheat market today we should see a decrease in supply. an increase in both supply and demand. an increase in demand. a decrease in demand. 0 O O O 0 an increase in supply. One of the characteristic of buyers that would allow a monopolist to price discriminate between two groups of buyers is if each group has a different price elasticity of demand over the relevant range of prices. the same price elasticity ofdemand over the relevant range of prices. the ability to resell the good to the other group. O O O 0 only limited knowledge about the prices charged to other groups even if that information is easily obtained with no cost to the consumer. O a large consumer surplus