If You Were Using SimQuick to Determine How Opening an Additional

question 73

Multiple Choice

If you were using SimQuick to determine how opening an additional airport security inspection station would affect passenger wait times, each inspection station would be modeled in SimQuick with a:

• A) workstation.
• B) buffer.
• C) decision point.
• D) entrance.

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Definitions:

Perfectly Inelastic

A situation in which the demand for a good or service does not change in response to changes in price.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with higher elasticity indicating greater responsiveness.

Degree of Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, providing insight into the good's price sensitivity.

Availability of Substitutes

The presence of alternative products or services that consumers can choose instead of the primary product, affecting the demand and price elasticity of goods.