________ is the payment received for temporarily giving up the use of money

After long hair for men became popular, barbers found that their incomes fell. In an attempt to boost their incomes, many barbers raised the price of a haircut and yet their total revenue fell even more. What can explain this result?

A) The demand for haircuts by barbers is elastic because of many substitutes. B) The demand for haircuts by barbers became inelastic after the increase in price. C) Haircuts are inferior products. D) The demand for haircuts by barbers is inelastic because most people need haircuts. E) None of the above can explain the phenomenon.

With only two goods, if the income effect is in the opposite direction as the substitution effect but the income effect dominates then the good is

a. normal b. inferior but not Giffen c. Giffen d. There is not enough information to answer.