The Primary Growth and Development Strategy of Hotels During the 1960's

question 11

Multiple Choice

The primary growth and development strategy of hotels during the 1960's was

• A) real estate investment trusts
• B) management contracts
• C) referral associations
• D) franchising

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Definitions:

AC

AC, or Average Cost, is the cost per unit of output, calculated by dividing the total cost by the quantity of output produced.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, reflecting the economic benefit to consumers.

Perfectly Competitive Industry

An industry characterized by many small firms, identical products sold by all firms, no barriers to entry or exit, and perfect information among consumers and producers.

AC

Short for Air Conditioning, a system for controlling the humidity, ventilation, and temperature in a building or vehicle.