Elasticity of the market place refers to the degree that the supply of rooms increases or decreases as room rates (prices) increase or decrease.

Name: Elasticity of the market place refers to the degree that the supply of rooms increases or decreases as room rates (prices) increase or decrease.
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Elasticity in the marketplace typically refers to the degree to which the demand for a product or service, such as hotel rooms, increases or decreases in response to changes in price, not the supply of rooms.

Elasticity of the Market Place Refers to the Degree That