The invisible hand of the marketplace refers to the idea that self-interest and competition work together to ensure that the market a. is not threatened by foreign competition b. never needs any type of government regulation c. creates enough jobs to keep citizens throughout the nation fully employed d. provides the goods and services consumers want at reasonable prices

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.)