When a Lot of Water Is Pumped from an Aquifer,or

question 5

Short Answer

When a lot of water is pumped from an aquifer,or when there is a dry period,the _________________________ sinks lower.

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Definitions:

Substitution Price Elasticity

A measure of how much the quantity demanded of one good responds to a change in the price of another good, indicating the degree to which these goods are substitutes.

Utility Function

A numerical model that explains how a consumer gains pleasure or usefulness from using goods and services.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, holding the consumer's utility level constant.

Income Effect

The alteration in the income of a person or the economy, and its effect on the amount of a product or service that is requested.