Four of the Most Widely Used Waiting Line Models-M/M/1 or A

question 122

Multiple Choice

Four of the most widely used waiting line models-M/M/1 or A, M/M/S or B, M/D/1 or C, and Limited population or D-all share three characteristics, which are

• A) normal arrivals, FIFO discipline, and normal service times.
• B) Poisson arrivals, FIFO discipline, and a single-service phase.
• C) Poisson arrivals, FIFO discipline, and exponential service times.
• D) Poisson arrivals, no queue discipline, and exponential service times.
• E) Poisson arrivals, long queue discipline, and multiple service times.

---

Definitions:

Implicit Costs

Implicit costs, also known as imputed or opportunity costs, are the costs of resources owned by the firm that are used in its own production process.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs in the production process.

Opportunity Costs

The value of the best alternative foregone when a decision is made to pursue a particular action, essentially the cost of choosing one option over another.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own production, instead of earning income elsewhere.