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Internet service providers (ISP) need to resolve customer problems as quickly as possible. For one ISP, past data indicates that the likelihood is .80 that customer calls
Regarding Internet service interruptions are resolved within one hour. Out of the next 10
Customer calls about interrupted service, how many would be expected to have their
Service problems resolved within one hour?
Industry Expands
The process of a sector in the economy growing due to an increase in demand, production, and often, employment.
Allocative Efficiency
A state of the economy where the distribution of resources among different uses is optimal, ensuring that the goods being produced are what consumers prefer the most.
Producing Output
The process of generating goods or services as the result of economic activity.
Additional Unit
The next unit of product or service that could be produced or acquired.
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