A Patient Had a 1:00 Pm Appointment with a Doctor

question 23

Multiple Choice

A patient had a 1:00 pm appointment with a doctor and leaves the office to go home at 2:00 pm. The patient spends 5 minutes filling out insurance forms, 25 minutes alone in the examination room, and 6 minutes with the nurse and doctor. What is the service cycle efficiency ratio?

• A) 0.10
• B) 0.67
• C) 0.90
• D) 1.0

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market stability.

Equilibrium Quantity

The quantity of goods or services supplied is exactly equal to the quantity demanded at the market price.

Upward-Sloping Demand

A representation typically contrary to the law of demand, suggesting that as prices increase, the quantity demanded also increases. Generally, this is indicative of Giffen or Veblen goods.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, leading to market balance.