If the Price of Motel Rooms Increases by 10 Percent While

question 108

Multiple Choice

If the price of motel rooms increases by 10 percent while the prices of other goods and services increase by 5 percent on average, the relative price of motel rooms has:

• A)increased.
• B)decreased by 5 percent.
• C)decreased by 10 percent.
• D)remained constant.

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Definitions:

Change Competency

An organization's ability to effectively manage and adapt to changes in the environment, markets, technologies, or internal structures.

Importing Foodstuffs

The process of bringing food products into one country from another to meet demand that cannot be met by local production.

Suppliers Network

A system or group of interconnected businesses that supply goods or services to an organization.

Produce Foodstuffs

The process of creating or growing food products for consumption.