How does having a patent give a company a monopoly? A. A patent is a contract issued by a local authority that gives a single firm the right to sell its goods within an exclusive market. B. A patent gives firms the right to operate a business, especially where scarce resources are involved. C. A patent gives a company exclusive rights to sell a new good or service for a period of time. D. A patent allows the companies in an industry to restrict the number of firms in a

An increase in the market price of men's haircuts, from $16 per haircut to $26 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 20 to 25. when the $26 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40 haircuts per day. what is the short-run price elasticity of supply? nothing (your answer should have two decimal places.) what is the long-run price elasticity of supply? nothing (your answer should have two decimal places.)