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QUESTION
Table 12.2 shows the market demand schedule for Bobbie"s Barbershop, the sole supplier of haircuts.
Table 12.2 shows the market demand schedule for Bobbie"s Barbershop, the sole supplier of haircuts. Total revenue is the price multiplied by the quantity sold and marginal revenue is the change in total revenue resulting from a one-unit increase in the quantity sold. A single-price monopoly always charges a price at which demand is elastic. Why?
