The Atlantic Inn Is Located on Cape Breton Island

question 5

Multiple Choice

The Atlantic Inn is located on Cape Breton Island.It has a 100-year history of visitors and vacationers from all over the world.The Inn exudes luxury from the moment you walk to the moment you savour the fine cuisine in its restaurant.The rooms are decorated with furniture from the early 20^th century.Visitors are served beverages on the porch as they rock in the chairs and watch the port.This model of luxury is part of The Atlantic Inn's _____________.

• A) culture
• B) marketing program
• C) perception
• D) positioning
• E) strategy

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Definitions:

Marginal Utility

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

Total Utility

The overall satisfaction or benefit a person receives from consuming a particular quantity of goods or services.

Income Effect

The alteration in a person's or an economy's earnings and its effect on the amount of a product or service they seek to purchase.

Law of Demand

The principle that there is an inverse relationship between the price of a good and the amount of it consumers are willing to buy, all else being equal.