Hotels in New York City Frequently Experience an Average Vacancy

question 42

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

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Definitions:

Unique Distribution System

A distinctive method or strategy employed by a company to deliver its products or services to its customers, setting it apart from competitors.

Emotional Intelligence

Emotional intelligence entails the ability to recognize, understand, and manage one's own emotions as well as the emotions of others, facilitating improved communication and relationships.

Changing Market Tastes

Alterations in consumer preferences and desires that occur over time, often influencing product development and marketing strategies.

Abundance of Resources

A situation where there is more than enough resources, such as time, money, and materials, available to meet the needs or objectives of a project or organization.