3 . A heat wave in Las Vegas causes tourists to cancel their hotel room reservations and vacation elsewhere. Select the correct answer a. Which of the following will occur in the demand for Las Vegas...

3. A heat wave in Las Vegas causes tourists to cancel their hotel room reservations and vacation elsewhere.

Select the correct answer

a. Which of the following will occur in the demand for Las Vegas hotel rooms?

-supply will increase

-demand will decrease

-demand will increase

-supply will decrease

b. Will the heat wave result in a shortage or surplus of Las Vegas hotel rooms at the previous price? Will the price of hotel rooms rise or fall?

-surplus, fall

-shortage, fall

-surplus, rise

-shortage, rise

Jun 08, 2022

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