Test_ Revenue Management Final Exam _

What is true about a revenue manager's rooms demand forecast? No IDS fees will be paid on the revenue the new reservation will generate True False 1 of 20 Term Definition Which is considered a room-related occupancy cost? Complimentary breakfast costs True False 2 of 20 Term Definition Which of the following foodservice costs is a variable cost? Food True False 3 of 20 Term Definition What must be true if a product producer is to continue creating and selling products? Profit = Sales - Costs True False What is a rate code? Differential pricing is a strategy used by sellers to minimize consumer surplus True False 5 of 20 Term Definition What is the economic term used to describe the difference between what a consumer is charged for a product or service and the price that consumer would willingly pay for it? Consumer surplus True False 6 of 20 Term Definition Shaniqua's restaurant utilizes a product cost percentage pricing system. She would like to apply pricing factors to make pricing her menus easier. What would be the pricing factor she would use when her desired product cost percentage for an item is 40%? $6.00 True False CONTINUES...