Question: Use the information in Problem. Would a free world market in water achieve a fair use of the world's water resources? Explain why or why not and be clear about the concept of fairness that you are using.

Problem: Only 1 percent of the world supply of water is fit for human consumption. Some places have more water than they can use; some could use much more than they have. The 1 percent available would be sufficient if only it were in the right place.

a. What is the major problem in achieving an efficient use of the world's water?

b. If there were a global market in water, like there is in oil, how do you think the market would be organized?

c. Would a free world market in water achieve an efficient use of the world's water resources? Explain why or why not.