Multiple Choice
Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts results in a 15 percent decrease in the number of haircuts purchased. What is the elasticity of demand facing Billy Bob's Barber Shop?
A) 0.15
B) 3.0
C) 0.10
D) 0.05
Correct Answer:
Verified
Correct Answer:
Verified
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