Multiple Choice
Suppose an increase in the price of hair dryers leads to an increase in total expenditures on the hair dryers. Which of the following is true for this price change?
A) Hair dryers are an inferior good.
B) The demand for hair dryers is perfectly elastic.
C) The demand for hair dryers is inelastic.
D) The demand for hair dryers is elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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