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

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 1SCQ: Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher...
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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
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