Suppose That Incoming Calls Per Hour to a Customer Service

question 7

Multiple Choice

Suppose that incoming calls per hour to a customer service center of a small credit union are uniformly distributed between 0 and 6 calls.What is the probability that more than 6 calls are received per hour?

• A)1/6
• B)1/7
• C)1
• D)3/7
• E)0

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Definitions:

Perfectly Competitive

A market structure characterized by a large number of small firms, homogenous products, and free entry and exit.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, leading to competition based on factors other than price.

Economic Profits

Economic profits are the surplus remaining after deducting both explicit and implicit costs from total revenue, reflecting the true profitability of a business.

Number of Firms

Refers to the total count of business entities participating in a particular market or industry.