During football weekends, many people travel to South Bend, Indiana, to see a Notre Dame football game.
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During football weekends, many people travel to South Bend, Indiana, to see a Notre Dame football game. Hotel prices are much higher on football weekends than during the other 341 days of the year—particularly in years when Notre Dame has a winning season. Use a supply-and demand diagram to illustrate why, when the demand curve shifts to the right, the prices of hotel rooms shoot up.
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As the rental price increases due to increase in demand more apartments in other uses an...View the full answer
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