An owner of local salon realized that by decreasing the prices for haircuts, his revenue increased. This implies that
a. The demand for haircuts is elastic
b. The demand for haircuts is inelastic
c. The demand for haircuts is unitary elastic
d. The demand for haircuts is perfectly elastic
a
Economics
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Refer to the above figure. Suppose point A is the original equilibrium. If there is an increase in the money supply, the new short-run equilibrium is given by point
A) A. B) B. C) C. D) D.
Economics
When companies sell slightly different forms of a product to different groups of customers, this is known as
A) market testing. B) editions. C) adaptations. D) versioning.
Economics