Roxanne's New Apartment Is Close to the Fire Station Downtown

question 78

Essay

Roxanne's new apartment is close to the fire station downtown. At first, she has trouble sleeping at night because every time the trucks go out, the noise wakes her. After a few days she has gotten used to it. What has Roxanne experienced?

---

Definitions:

Equilibrium Price

The price at which the quantity of goods demanded by consumers equals the quantity of goods supplied by producers, leading to market balance.

Price Elasticity

The degree to which the demand or supply of a product changes in response to a change in price.

Price Elasticity

A measure of how the quantity demanded or supplied of a good changes in response to a change in its price.