The figure shows the demand curve for hotel rooms at a local resort
a. If the hotel charges $120 per night, how many rooms will they rent?
b. If there are only 40 rooms available, how much are customers willing to pay for a room?
c. If 60 rooms are available, how much are customers willing to pay?
d. What do the dollars in your answer to part (c) represent?
a. At $120 a night, the hotel will rent 20 rooms.
b. If 40 rooms are available, customers are willing to pay $90 per room.
c. If 60 rooms are available, customers are willing to pay $60 per room.
d. The $60 represents the dollars' worth of other goods and services that customers are willing to forgo to get one more night in a hotel room.
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a. True b. False Indicate whether the statement is true or false
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a. True b. False Indicate whether the statement is true or false