Question: 1 . 5 The per - night rate for a 5 - star hotel room in Macau has fallen from an average of MOP 1

1.5

The per

-

night rate for a

5 -

star hotel room in Macau has fallen from an average of MOP

1, 992

in August

2014

to MOP

1, 857

in August

2015 .

Demand for

5 -

star hotel rooms in Macau was falling during this period as well. This is hard to explain because the law of demand says that lower prices should lead to higher demand. Do you agree or disagree? Explain your answer.

1.5 The per-night rate for a 5-star hotel room in Macau

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