Multiple Choice
Suppose that we learn that hotels in Los Angeles generally operate with an average vacancy rate of 15 percent (in other words, 85 percent of the hotel rooms are filled with guests) .Given this information about excess capacity, we would judge this market to be
A) an oligopoly.
B) a perfectly competitive market.
C) a monopolistically competitive market.
D) a monopoly.
Correct Answer:
Verified
Correct Answer:
Verified
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