Quantities of liquids are measured in units of volume. These include the SI unit cubic metre (m) and its divisions, in particular the cubic decimeter, more commonly called the litre (1 dm = 1 L = 0.001 m), and the cubic centimetre, also called millilitre (1 cm = 1 mL = 0.001 L = 10 m).
The volume of a quantity of liquid is fixed by its temperature and pressure. Liquids generally expand when heated, and contract when cooled. Water between 0 °C and 4 °C is a notable exception.
On the other hand, liquids have little compressibility. Water, for example, will compress by only 46.4 parts per million for every unit increase in atmospheric pressure (bar). At around 4000 bar (400 megapascals or 58,000 psi) of pressure at room temperature water experiences only an 11% decrease in volume. Incompressibility makes liquids suitable for transmitting hydraulic power, because a change in pressure at one point in a liquid is transmitted undiminished to every other part of the liquid and very little energy is lost in the form of compression.
However, the negligible compressibility does lead to other phenomena. The banging of pipes, called water hammer, occurs when a valve is suddenly closed, creating a huge pressure-spike at the valve that travels backward through the system at just under the speed of sound. Another phenomenon caused by liquid's incompressibility is cavitation. Because liquids have little elasticity they can literally be pulled apart in areas of high turbulence or dramatic change in direction, such as the trailing edge of a boat propeller or a sharp corner in a pipe. A liquid in an area of low pressure (vacuum) vaporizes and forms bubbles, which then collapse as they enter high pressure areas. This causes liquid to fill the cavities left by the bubbles with tremendous localized force, eroding any adjacent solid surface.