According to the Case in Point on Price Elasticity of Home

question 199

Multiple Choice

According to the Case in Point on price elasticity of home water demand in Phoenix, the researchers Yoo, Simonit, Kinzig, and Perrings found that:

• A) the absolute value of the price elasticity of demand was higher in the short run than in the long run.
• B) the absolute value of the price elasticity of demand was lower in the short run than in the long run.
• C) people can adjust more easily to changes in the price of water in the short run than in the long run.
• D) low-income/low water-users are less responsive to price changes than are high-income/high water-users.

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Definitions:

Sebaceous Gland

Glands located in the skin that secrete sebum, a lubricating oil, into hair follicles.

Eccrine Gland

Sweat glands that are found all over the body and help in thermoregulation by secreting sweat directly onto the surface of the skin.

Apocrine Gland

A type of gland found in the skin, breast, eyelid, and ear that secretes sweat, fatty compounds, and proteins by exocytosis.