Related to the Economics in Practice on Page 77: If

question 5

Multiple Choice

Related to the Economics in Practice on page 77: If a hurricane results in the supply of hotel rooms decreasing and the equilibrium price for hotel rooms increases, the demand for hotel rooms ________ and total revenue from the sale of hotel rooms ________.

• A) has decreased; will decrease
• B) has decreased; may increase, decrease, or stay the same
• C) may have increased, decreased, or stayed the same; will decrease
• D) may have increased, decreased, or stayed the same; may increase, decrease, or stay the same

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Definitions:

Cultural Diffusion

The spread of cultural beliefs and social activities from one group to another, blending and integrating different cultural practices.

Production

Is the human capacity to make and use the tools and technology that improve our ability to take what we want from nature.

Rationalization

The process of making tasks or workflows more efficient by implementing standardized procedures and methodologies, often associated with the bureaucratization and modernization of organizations.

Independent Variable

In research, a variable that is manipulated or categorized to observe its effect on a dependent variable.