Examlex
Waiting Time
The length of time patients must wait to see a doctor at an emergency room in a large hospital has a uniform distribution between 40 minutes and 3 hours.
-{Waiting Time Narrative} What is the probability that a patient would have to wait exactly one hour?
Collective Willingness
The aggregate propensity of a group to invest in goods, services, or actions that benefit the community or society as a whole.
Public Good
This refers to goods or services made available to all societal members at no cost, delivered by the government or private sectors, with no intent of making a profit.
Marginal Cost
The growth in the cumulative expense incurred from creating one more unit of a product or service.
Nonrival
A characteristic of a good or service where its use by one person does not reduce its availability to others.
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