The Price Elasticity of Demand for a Good Such as Water

question 149

Multiple Choice

The price elasticity of demand for a good such as water is likely to be very low because:

• A)the price is a small percentage of most budgets.
• B)water has some good substitutes.
• C)water is considered a luxury.
• D)the share of income spent on water is large.

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Definitions:

Moody

Prone to emotional fluctuations, often resulting in variable moods and feelings.

Psychosocial Scaffolding

Psychosocial scaffolding is a supportive framework provided by caregivers or educators to facilitate a child's learning and emotional development, helping them achieve tasks beyond their current ability independently.

Synchrony

The simultaneous action or occurrence of events or processes.

Polarization

The process or phenomenon where a population or group becomes divided into opposing factions, often leading to heightened tensions and conflict based on differing beliefs, values, or ideologies.