If 50 units are sold at a price of $20 and 80 units are sold at a price of $15, what is the absolute value of the price elasticity of demand? Use the midpoint formula

If the equilibrium price of an airline ticket is $500 and the government imposes a price floor of $400 on airline tickets, then fewer airline tickets will be sold than at the market equilibrium

a. True b. False Indicate whether the statement is true or false

The incentive to cheat within a cartel increases with an increase in the following factors, except:

A. The number of firms in the cartel B. Economic performance and industry sales C. The number of potential entrants into the industry D. The cost-differences among firms