Which Lodging Industry Characteristic Recognizes the Fact That,in Most Cases,a

question 15

Multiple Choice

Which lodging industry characteristic recognizes the fact that,in most cases,a hotel's GM must have expertise in one or more areas beyond that of merely selling hotel rooms?

• A) Inseparability of manufacture and sales
• B) Perishability
• C) Repetitiveness
• D) Labor intensive

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Definitions:

Marginal Utility

The additional satisfaction or benefit received by a consumer from consuming one more unit of a good or service.

Consumer Equilibrium

A state in microeconomics where a consumer achieves the highest satisfaction possible, given their income constraints and prices of goods and services.

Prices

The amount of money required to purchase a good or service, reflecting the value placed on it by the market.

MU/P

The ratio of marginal utility (MU) to price (P), representing the additional satisfaction gained per unit of currency spent.