Economists Have Found That the Price Elasticity of Demand for Water

question 35

Multiple Choice

Economists have found that the price elasticity of demand for water is higher in the summer than in the winter. Why is this likely to be so?

• A)Winter is longer than summer, and price elasticity is lower over longer time horizons.
• B)Summer is longer than winter, and price elasticity is higher over longer time horizons.
• C)Winter water use tends to be for necessities such as cleaning and cooking, and summer water use tends to be for both necessities and non-necessities such as gardening and recreation.
• D)People take more vacations in the summer and so use less water at home.

Recognize the techniques and methods used within psychoanalytic therapy.

Differentiate between various defense mechanisms and their roles in psychoanalysis.

Identify Freud's contributions to psychology and the development of psychoanalytic theory.

Evaluate the reliability, validity, and criticisms of projective tests in psychoanalytic practice.

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Definitions:

Social Cost

The total cost to society, including both private costs borne by producers and external costs borne by others outside the production process.

Carbon Fee

A charge imposed on the carbon content of fossil fuels, aimed at reducing carbon dioxide emissions.

Coase Theorem

An economic theory proposing that if trade in an externality is possible and there are no transaction costs, parties can negotiate solutions to conflicts that lead to an efficient outcome regardless of the initial allocation of property rights.

Pollution Tax

A tax levied on the amount of pollution emitted by firms to incentivize reduction in environmental harm.