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An Apartment Complex Included a Fixed Price of Water in the Monthly

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An apartment complex included a fixed price of water in the monthly rent. One day the city decided to attach a water meter to each individual apartment and charge the tenant for actual water usage. As a result, water usage in the apartment complex went way down. Explain this situation using a principle of economics.

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Definitions:

Distinct Occupation

A specialized field or type of work that is clearly different from other professions in terms of skills, training, and responsibilities.

Employer Tools

Resources, software, and technologies provided or utilized by employers to manage, support, and enhance workplace productivity and employee engagement.

Implied Authority

Powers of an agent that are not expressly granted but assumed to be necessary to conduct the principal's business.

Express Authority

Express authority refers to the specific powers given to an agent or entity, explicitly outlined in a contract or agreement.

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