Multiple Choice
Bailey's Barber Shop knows that a 5% increase in the price of their haircuts results in a 15% decrease in the number of haircuts purchased. What is the elasticity of demand facing Bailey's Barber Shop?
A) 0.05
B) 0.10
C) 0.33
D) 3.0
Correct Answer:
Verified
Correct Answer:
Verified
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