In the Short Run,the Quantity of Available Hotel Rooms Is

question 29

Multiple Choice

In the short run,the quantity of available hotel rooms is not particularly responsive to changes in price because hotels take time to build and to destroy.This implies that the short-run supply of hotel rooms is

• A) elastic.
• B) inelastic.
• C) in equilibrium.
• D) greater than demand.

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Definitions:

Top Down Approach

A management strategy where decision-making starts from the higher levels of the organization and flows down to the lower levels.

Product Cost Systems

Systems used to accumulate and allocate costs involved in producing a product or offering a service, including direct materials, labor, and overhead.

Highly Profitable Products

Products that generate considerably higher profits compared to other products due to superior demand, premium pricing, or lower costs.

Competitors' Prices

Refers to the pricing information of similar products or services offered by companies competing in the same market.