A luxury boutique hotel currently has 49 of its 50 rooms booked for the night at a rate of $200 per room. To sell the final room, the manager proposes lowering the rate for all rooms booked for that night to $195. Which of the following statements provides the most accurate economic evaluation of the manager's proposal regarding its effect on total revenue?
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A luxury boutique hotel currently has 49 of its 50 rooms booked for the night at a rate of $200 per room. To sell the final room, the manager proposes lowering the rate for all rooms booked for that night to $195. Which of the following statements provides the most accurate economic evaluation of the manager's proposal regarding its effect on total revenue?