Hotels That Are a Cross Between a Chain and a Marketing

question 24

Multiple Choice

Hotels that are a cross between a chain and a marketing group for independent hotels are classified as

• A) independent hotels
• B) chain hotels
• C) corporate hotels
• D) quasi -chain

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Definitions:

Utility Maximization

The principle that individuals or firms seek to allocate their resources in a manner that maximizes their satisfaction or utility.

Money Income

Money income is the total amount of money earnings received by an individual or household, including wages, salaries, benefits, and investment income, before any deductions.

Marginal Utility

The additional satisfaction or utility a consumer receives from consuming one additional unit of a good or service.

Consumer Equilibrium

occurs when a consumer has allocated their resources in such a way that maximizes their utility, given their budget constraint.