As the Hotel Industry Evolves, It Is Not Necessary for the GM

question 44

True/False

As the hotel industry evolves, it is not necessary for the GM to have a strength in people skills?

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Definitions:

Consumer Surplus

The contrast between the total sum consumers are ready and financially equipped to spend on a good or service, and the sum they actually spend.

Producer Surplus

The divergence between the price at which sellers are ready to offer a good or service and the price they actually obtain.

Economic Efficiency

A state in which resources are allocated in a way that maximizes the total benefit received by society from those resources.

Consumer Surplus

The divergence between the price consumers are willing to pay and what they really spend on a good or service.