The price of haircuts increased by 8%, and the quantity demanded for haircuts decreased by 4%. From this we can conclude that the demand for haircuts is: Select one: a. price elastic. b. price unit elastic. c. price inelastic. d. cross price inelastic.
The price of haircuts increased by 8%, and the quantity demanded for haircuts decreased by 4%. From this we can conclude that the demand for haircuts is: Select one: a. price elastic. b. price unit elastic. c. price inelastic. d. cross price inelastic.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The price of haircuts increased by 8%, and the quantity demanded for haircuts decreased by 4%. From this we can conclude that the demand for haircuts is:
Select one:
a.
price elastic.
b.
price unit elastic.
c.
price inelastic.
d.
cross price inelastic.
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