Revenue Management Chapter 1 through 5 Exam Questions With Accurate Answers

revenue - ANSWER-may be defined as "an item or source of income" management - ANSWER-may be defined as "skillful managing; careful, tactful treatment capacity - ANSWER-which is defined as "the amount of space that can be filled." Also, in relation to capacity, you must start thinking about "during that particular time." supply - ANSWER-which is defined as the amount of a good or service that a seller is willing and able to sell for any given price at any given time demand - ANSWER-which is defined as the amount of a good or service that a purchaser is willing and able to buy for any given price at any given time revenue management - ANSWER-is the act of skillfully, carefully, and tactfully managing, controlling, and directing capacity and sources of income, given the constraints of supply and demand. The time element is implicit in the application of the principles of supply and demand