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Mirage Resorts in Las Vegas has a system that allows hotel clerks instantaneous access to a client's gambling history to determine what sort of room or complimentary services will provide the guests with the highest level of service. What is the resort practising?
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a specific price over a given period of time.
Quantity Demanded
The combined quantity of a product or service that consumers are inclined and ready to purchase at an identified price.
Excess Demand
A market condition where the quantity demanded of a product exceeds the quantity supplied at a given price, leading to upward pressure on prices.
Selection Bias
Selection bias occurs when the sample used is not random.
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