Correctly Complete the Following Sentences from the Options Below

question 61

Short Answer

Correctly complete the following sentences from the options below.
(a) Giving up work to study full- time:
(b) Working full- time and studying part time:
(c) Walking slowly instead of speedily to lectures:

(i) the opportunity cost is the alternative use of time.
(ii) the opportunity cost is wages.
(iii) the opportunity cost is leisure time.

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Definitions:

FIFO Discipline

First In, First Out discipline; a method where the first item or person entering a system is the first to leave

Exponential Service Times

A statistical concept used in queueing theory where the times between arrivals of service requests follow an exponential probability distribution.

Arrival Rate

The frequency at which units, entities, or events arrive or occur over a specified period, often assessed in queuing theory and logistics.