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A quality control chart is used to monitor the customer wait time at a local call center. Sample means of five times are averaged and plotted over time. The last five sample means show a trend of decreasing sample means. The process is ________.
Consumer Price Inflation
The pace at which the average cost of goods and services elevates, resulting in diminished purchasing capacity.
CPI
The CPI, or Consumer Price Index, tracks the average variation in prices that urban customers pay for a selection of consumer goods and services over a period of time.
Consumer Price Index
A metric assessing the weighted mean of costs for a variety of consumer items and services, including food, transportation, and healthcare.
Inflation
The rate at which the general cost of goods and services rises, causing a decrease in the value of money.
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