The Airline Industry, Like Other Segments of the Hospitality Industry

question 6

Multiple Choice

The airline industry, like other segments of the hospitality industry, rely on as a source of business
________ markets

• A) economic
• B) international
• C) central
• D) feeder

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Definitions:

Indifference Curve

An economic graph representing combinations of goods that give a consumer equal satisfaction and utility.

Subjective Value

The individual and personal valuation of a good or service rather than its market value, based on personal preferences, needs, or satisfaction derived.

Equilibrium

A balance between market demand and supply that results in steady prices.

Budget Line

A budget line represents all combinations of goods and services that a consumer may purchase given current prices and income levels.