According to the Case in Point on Price Elasticity of Home

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.