Use the Table Below to Answer the Following Question

question 87

Multiple Choice

Use the table below to answer the following question.
Table 4.1.5

-Refer to Table 4.1.5. The demand for hotel rooms is ________ because ________.

• A)inelastic; if the price is set low enough, total revenue will decrease
• B)elastic; if the price is set high enough, total revenue will decrease
• C)unit elastic; a price cut leaves total revenue unchanged. Total revenue never reaches a maximum
• D)decreasing as the price falls; the demand curve for hotel rooms is a straight-line demand curve
• E)inelastic; if the price is set low enough, total revenue will increase

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Definitions:

Meeting

A gathering of two or more people that is convened for the purpose of achieving a common goal through verbal interaction, such as sharing information or reaching agreement.

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Summarize

To give a brief statement of the main points of something.

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