A salesperson visits a company client and takes this person out to dinner to discuss sales offerings and pricing. A personal relationship has existed between these two people for the last three years, and they get along well. After dinner, an agreement is struck on the specific details of the deal. The salesperson will draw up the contract, have it reviewed by the legal department, and then sent to the customer. What type of transaction was this?

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.)