A Product Consists of Three Components Arranged as Follows

question 37

Multiple Choice

A product consists of three components arranged as follows: If all three components must function for the product to function then the product's overall reliability is approximately

• A)0.812.
• B)0.90.
• C)0.933.
• D)0.95.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded by consumers at those prices.

Marginal Revenue

The increase in income resulting from the sale of one extra product or service unit.

Natural Monopoly

A market condition where a single firm can supply a product or service at a lower cost than any potential competitor, often due to economies of scale.

Cheaper Service

A service offered at a lower price relative to other similar services, emphasizing cost-effectiveness.