1.5 The per-night rate for a 5-star hotel room in Macau has fallen from an average of...

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1.5 The per-night rate for a 5-star hotel room in Macau has fallen from an average of MOP 1,992 in August 2014 to MOP 1,857 in August 2015. Demand for 5-star hotel rooms in Macau was falling during this period as well.

This is hard to explain because the law of demand says that lower prices should lead to higher demand. Do you agree or disagree? Explain your answer.

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Principles Of Economics

ISBN: 9780802845610

12 Global Edition

Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster

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Question Posted: Nov 12, 2024 03:00 AM

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1.5 The per-night rate for a 5-star hotel room in Macau has fallen from an average of...

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Principles Of Economics

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