Hotels in New York City Frequently Experience an Average Vacancy

question 625

Multiple Choice

Hotels in New York City frequently experience an average vacancy rate of about 20 percent (i.e., on an average night, 80 percent of the hotel rooms are full) . This kind of excess capacity is indicative of what kind of market?

• A)monopoly
• B)perfect competition
• C)monopolistic competition
• D)oligopoly

---

Definitions:

Estimated Regression

A statistical method for estimating the relationships among variables, often used to predict the value of a dependent variable based on values of independent variables.

SSR

Sum of Squares due to Regression, a statistical measure used to evaluate the variance in the dependent variable that is predictable from the independent variable(s).

SST

In the context of statistical analysis, often stands for Sum of Squares Total, which measures the total variation within a data set.

Determination

In statistics, determination often refers to the coefficient of determination, which measures the proportion of variance in a dependent variable predictable from an independent variable.