An owner of a local salon realized that by decreasing the prices that she charges for haircuts, her revenue has increased. This implies that
a. The demand for her haircuts is elastic
b. The demand for her haircuts is inelastic
c. The demand for her haircuts is unitary elastic
d. The demand for her haircuts is perfectly inelastic
a
Economics
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In the circular flow model, the value of total production for an economy ________ the value of total expenditures on final goods and services
A) equals B) is less than C) may be greater than or less than D) is greater than
Economics
The liquidity of an asset indicates: a. its buying power
b. the ease with which it can be converted into cash without a significant loss of value. c. the ease with which it can be converted into another asset. d. how likely people are to trade it internationally. e. its intrinsic value.
Economics