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Learning outcomes 

After reading this case study and completing the questions, students should be able to do the following: 

  •   Differentiate between demand and supply in the tourism industry.
  •   Determine the factors affecting demand and supply side in the tourism industry.
  •   Distinguish the differences between elasticity of demand and supply.
  •   Identify the concept of sunk cost and it relation with fixed cost.
  •   Identify the perfect competitive market.