(Answered) A hotel owner having heard that new hotels plan to open in

Economics

A hotel owner, having heard that new hotels plan to open in the area, says, "We have too many hotels in this town already. Statistics show that vacancy rates average 20 percent on any given night." Assuming his statistics are correct, evaluate his negative assessment of the situation in terms of business-stealing and product-variety externalities.

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Business Economics, Economics

Category:- Business Economics
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