REVENUE MANAGEMENT FINAL EXAM, PRACTICE
EXAM AND STUDY GUIDE LATEST 2024 ACTUAL
EXAM 500 QUESTIONS AND CORRECT DETAILED
ANSWERS WITH RATIONALES (VERIFIED ANSWERS)
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REVENUE MANAGEMENT FINAL EXAM
which of the following terms would be included in the place portion of a hotel's marketing mix?
-advertising
-product enhancements
-distribution channels
-promotions - ANSWER- distribution channels
what is the fundamental assumption upon which the law of supply is based?
-the higher the demand for a product the less of it will be produced by sellers 1 / 4
-the higher the demand for a product the more of it will be produced by sellers
-the lower the demand for a product the more of it will be produced by sellers
-the demand for a product does not affect its supply - ANSWER- the higher the demand for a product the more of it will be produced by sellers
according to Alfred Marshall's work, if the price of a product is lower than the natural, or equilibrium price, what will happen?
-a surplus will occur
-the demand for the product would exceed its supply
-the supply of the product would exceed its demand
-excess capacity would create constrained supply - ANSWER- the demand for the product would exceed its supply
- / 4
Assume an equilibrium price (P1) is in place for a product. What would the law of supply and demand predict as an outcome if demand for that product increased?
-the new price (P2) would be higher than the previous price (P1) and supply would decrease
-the new price (P2) would be lower than the previous price (P1) because supply would decrease
-the new price (P2) would be higher than the previous price (P1) and supply would increase
-the new price (P2) would be lower than the previous price (P1) because supply would increase - ANSWER- the new price (P2) would be higher than the previous price (P1) and supply would increase
what concept is displayed by the intersecting point on a supply and demand curve?
-the maximum price that should be charged for a product at a specific point in time
-an estimate of the price an average customer is willing to pay for a product
- / 4
-an estimate of the amount of a product that would be purchased at a known price and point in time
-the maximum price customers would willingly pay for a product if there were no shortage of it - ANSWER- an estimate of the amount of a product that would be purchased at a known price and point in time
what must be true if a product producer is to continue creating and selling products?
-revenues must exceed costs
-costs must exceed profits
-profit must exceed costs
-costs must exceed revenue - ANSWER- revenues must exceed costs
what is the specialized branch of accounting that focuses on recording and analyzing the expenses incurred by an organization?
-tax accounting
-financial accounting
- / 4