The market for corn in brazil has a large number of sellers and there is no difference in the products sold by each seller. as there are also a large number of buyers for corn, the actions of a single seller or buyer cannot affect the price. the market for corn in brazil can be described as
a. monopolistic competition
b. pure competition
c. an oligopoly
d. a monopoly
e. modified competition

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.)