Management Is Concerned About the Waiting Time for Customers and Decides

question 10

Multiple Choice

Management is concerned about the waiting time for customers and decides to train one more student.If the arrival and service rates remain the same as in the original scenario,what happens to the number of customers in the system?

• A)There are about half as many as in the original scenario.
• B)There are about a third as many as in the original scenario.
• C)There are about a fourth as many as in the original scenario.
• D)There are about a fifth as many as in the original scenario.

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Definitions:

Price Takers

Firms or individuals who accept the market price as given and have no influence to change it.

Product Variety

The range of different goods or services offered by a company or available in a market.

Competitive Price-Searcher

A market participant who sets their prices based on competition and market conditions, often adjusting to attract consumers while remaining profitable.

Demand Conditions

The factors that affect consumers' desire and ability to purchase a product, influencing its market demand.