Related to the Economics in Practice on P

question 10

Multiple Choice

Related to the Economics in Practice on p.82: If a hurricane results in the supply of hotel rooms decreasing and the equilibrium price for hotel rooms increases,the demand for hotel rooms ________ and total revenue from the sale of hotel rooms ________.

• A)has decreased; will decrease
• B)has decreased; may increase,decrease,or stay the same
• C)may have increased,decreased,or stayed the same; will decrease
• D)may have increased,decreased,or stayed the same; may increase,decrease,or stay the same

---

Definitions:

Pride

A feeling of deep pleasure or satisfaction derived from one's own achievements, the achievements of those with whom one is closely associated, or from qualities or possessions that are widely admired.

Practicality

The aspect of being concerned with the actual doing or use of something rather than with theory and ideas.

Empirical Approach

A method of gaining knowledge through direct observation, experience, or experimentation, emphasizing evidence-based conclusions.

Humanistic Psychology

A psychological perspective that emphasizes the study of the whole person and inner feelings to understand behavior.