When Hotels, Motels, and Airlines Offer Discounts in Slow Selling

question 136

Multiple Choice

When hotels, motels, and airlines offer discounts in slow selling periods, they are said to be offering ________.

• A) trade discounts
• B) quantity discounts
• C) functional discounts
• D) seasonal discounts
• E) trade-in allowances

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Definitions:

Simple Linear Regression

A statistical method for examining the linear relationship between two quantitative variables; one variable is used to predict the outcome of another.

Probabilistic Model Equation

A mathematical representation of a statistical model that incorporates randomness and accounts for the probability of various outcomes.

Deviation

The difference between a observed value and some reference point, often the mean of the data set.

Regression Line

A straight line that best fits the data points in a scatter plot, showing the relationship between an independent variable and a dependent variable.