The Goal of the Las Vegas Convention and Visitors Authority's

question 34

Multiple Choice

The goal of the Las Vegas Convention and Visitors Authority's ad campaign was to:

• A)undercut new gambling destinations in other parts of the country
• B)reduce the promiscuous image of Las Vegas
• C)position Las Vegas as a full-blown vacation destination
• D)increase tax revenue
• E)promote Las Vegas as a retirement destination

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Definitions:

Revealed Preference Theory

An economic theory proposing that individuals' preferences can be deduced from their purchasing habits and choices, rather than through their words or responses to surveys.

Debit Card

A payment card that deducts money directly from a consumer’s checking account to pay for a purchase.

Marginal Utility

The additional satisfaction or benefit gained from consuming one more unit of a good or service.

Indifference Curve

A graphical representation showing combinations of goods among which a consumer is indifferent, indicating the same level of utility or satisfaction.