Using a Stopwatch to Determine How Long Customers Wait at a Drive-Through

question 54

Multiple Choice

Using a stopwatch to determine how long customers wait at a drive-through location at McDonald's is an example of what type of observation?

• A)verbal behavior
• B)temporal pattern
• C)physical action
• D)physical objects

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Definitions:

Herfindahl-Hirschman Index

An economic indicator that measures the level of concentration and competition within an industry.

Economies of Scale

Refers to the cost advantage experienced by firms when they increase their level of production. The advantage arises due to the inverse relationship between per-unit fixed cost and the quantity produced.

Oligopolistic

Pertaining to an oligopoly, a market structure with a few firms dominating the industry, leading to limited competition.

Herfindahl-Hirschman Index

A measure of market concentration to assess the level of competition within an industry.