Reference price the pric - Study guides, Class notes & Summaries

Room Night - ANSWER The single night's use of a guest room EX: 1 room sold for 3 consecutive nights yields three room nights reference price - ANSWER the price perceived by consumers to be the normal price for a product of service Hard constraint - ANSWER a supply constraint that cannot be removed regardless of product demand EX: natural gas pipelines, number of hotel rooms soft constraint - ANSWER a supply constraint that can, with sufficient lead time, and/ or a reasonable expense...