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Loraine Loraine
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8 years ago
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.
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
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SmooothSmoooth
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8 years ago
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8 years ago
My pleasure Happy Dummy
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