A 15 Percent Increase in the Price

question 15

Multiple Choice

A 15 percent increase in the price

• A)increases the value of a dollar by 15 percent.
• B)decreases the value of a dollar by about 13 percent.
• C)decreases the value of a dollar by 15 percent.
• D)decreases the value of a dollar by about 8 percent.

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Definitions:

Service Time

The amount of time taken to complete a service for a customer, from initiation to completion.

Waiting Lines

Queues that form when the demand for a service exceeds the provider's capacity, analyzed to improve service efficiency and customer satisfaction.

Service Cost

The total expense of providing a service, encompassing labor, materials, and overheads necessary to deliver the service to customers.

Customers' Waiting

The period that customers spend in a queue or delay before receiving a product, service, or response from a business.