All of the following statements are true regarding the LIFO reserve except: a) Current ratios and the inventory turnover can be significantly affected if a company has material LIFO reserves. b) Companies using LIFO are required to report the LIFO reserve. c) The financial statement differences of using LIFO normally increase the longer a company uses LIFO. d) The equation (LIFO inventory – LIFO reserve = FIFO inventory) adjusts the inventory balance from LIFO to FIFO.

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.)