Let Us Assume the Average Number of Customers Served Per

question 37

Multiple Choice

Let us assume the average number of customers served per hour is five customers.What is the probability that the service exceeds 1 hour for any customer?

• A)0.67%
• B)1.23%
• C)0.98%
• D)9.00%

---

Definitions:

Information Flow

The movement of information from one place to another, which can be within an organization, among individuals or from entities to the public.

Competitive Marketplace

Describes an economic environment where businesses vie for the same customers, offering similar or better goods and services to gain market share.

Increased Choices

A market condition where consumers have a wider range of products or services to choose from, often due to innovation or increased competition.

Monopolies

Describes a market structure in which a single seller dominates the market, facing little to no competition.