If the Equilibrium Price of an Airline Ticket Is $400

question 256

True/False

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

---

Definitions:

Focus

In geometry and optics, the point where rays or waves meet or from which they diverge, especially after reflection or refraction.

Function

A relation between a set of inputs and a set of permissible outputs with the property that each input is related to exactly one output.

Vertices

Plural of vertex, referring to the corners or angular points where two or more edges meet in a geometrical shape or graph.

Center

In geometry, it refers to the midpoint of a circle or sphere, equidistant from all points on the perimeter or surface.