Little's Law States That the Number of People in a Waiting

question 36

Multiple Choice

Little's Law states that the number of people in a waiting line is the average customer arrival rate multiplied by the ________.

• A)average time in the system
• B)average waiting time
• C)service time minus the waiting time
• D)average number in line
• E)waiting time

---

Definitions:

Recessions

Periods of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Equation of Exchange

An economic equation (MV = PQ) that relates the money supply (M) and its velocity (V) to the price level (P) and quantity of goods sold (Q).

MV = PQ

An equation of exchange in economics that states money supply times the velocity of money equals the price level times the output (quantity of goods and services produced).

Big Government

A term referring to a government or state perceived as overly involved in the various aspects of societal, economic, and personal lives of its citizens.