An Environment That Can Deliver a Complete Booking System Tied

question 19

Multiple Choice

An environment that can deliver a complete booking system tied to the hotel's inventory in real time via the Web is called a(n)

• A) Point of Sale System
• B) Web Reservation Systems
• C) Application Service Provider
• D) Real Time Application System

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Definitions:

Socially Efficient

A situation where resources are allocated in a way that maximizes the total benefit to society.

Monopoly

A market structure characterized by a single seller dominating the market, often leading to higher prices and lower output than in competitive markets.

Deadweight Loss

A decrease in economic efficiency occurring when a good or service does not reach its free market equilibrium.

Economic Profits

The difference between total revenue and total economic costs (including both explicit and implicit costs), representing the additional income above the opportunity cost.