When a product's price increases from $9 to $11, the quantity demanded decreases from 1200 to 800 . Based on this information, the price elasticity of demand (in absolute terms) is estimated to be equal to:
a. 0.5

In the short-run, profits will only exist for monopolistically competitive firms

Indicate whether the statement is true or false

Suppose there are 100 people with identical demand curves. When the price of a movie ticket is $8, the quantity demanded by each person is 5 tickets. When the price is $4, the quantity demanded by each person is 9 tickets. Which of the following is the most likely quantity demanded for the market as a whole when the price is $6?

a. 700 b. 1,200 c. 400 d. 1,000 e. 100