Which Statement Best Describes the Typical Guest's Response to Waiting

question 21

Multiple Choice

Which statement best describes the typical guest's response to waiting?

• A) The more people waiting in line, the better value the guest expects to receive.
• B) The more people waiting in line, the happier the guest expects the experience to be.
• C) The more value the guest expects to receive from the service, the more patiently the guest will wait.
• D) If no guests are waiting for an experience, it can't be much good.

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Definitions:

Efficiency

The extent to which resources are used in the best way possible to produce goods and services, minimizing waste and costs.

Shortages

A situation where the demand for a product exceeds its supply at a particular price, often leading to increased prices.

Price Floor

Price floor is a government or regulatory imposed minimum price set above the equilibrium price, preventing the market price from falling below a certain level.

Surplus Of Corn

A surplus of corn signifies a situation in which the supply of corn exceeds the demand, potentially leading to lower market prices and stockpiling.