Use the Table Below to Answer the Following Question

question 87

Multiple Choice

Use the table below to answer the following question.
Table 4.1.5

-Refer to Table 4.1.5. The demand for hotel rooms is ________ because ________.

• A)inelastic; if the price is set low enough, total revenue will decrease
• B)elastic; if the price is set high enough, total revenue will decrease
• C)unit elastic; a price cut leaves total revenue unchanged. Total revenue never reaches a maximum
• D)decreasing as the price falls; the demand curve for hotel rooms is a straight-line demand curve
• E)inelastic; if the price is set low enough, total revenue will increase

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Definitions:

Labour Disputes

Conflicts between employers and employees, typically over matters such as wages, working conditions, and union representation.

Mediator

A third party in an employment dispute who meets with one party and then the other to suggest compromise solutions or to recommend concessions from each side that will lead to an agreement.

Collective Agreements

Legal contracts between employers and a group of employees, often represented by a union, that outline the terms of employment.

Economic Reasons

Justifications or motivations based on financial or economic factors that influence decisions or policies.