Which of the following is true regarding monopoly? monopolies produce too much and charge too much from the standpoint of efficiency. monopolies usually are economically efficient because they have economic profits with which to work. monopolies produce too little and charge too much from the standpoint of efficiency. monopolies create an efficiency problem but are not associated with an equity problem.

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.)