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1. What economic factors explain the increase in merger activity and concentration of airline ownership in this sector?

2.‘An increase in the price of a good may arise from an increase in the price of its substitute, ceteris paribus’. Explain this statement.

3. Distinguish between a normal and an inferior good using examples from the leisure and tourism sector.

4. From the understanding provided by Palmer and Mathel explain how holiday home owners might be persuaded to add their properties to the supply of accommodation in Valmeinier.

5. What are MCs and what are the MCs for holiday home owners of letting out their properties?