Answer the Following Questions Using the Information Below

question 106

Multiple Choice

Answer the following questions using the information below:
The tool crib at a large manufacturing company is responsible for providing tools to the factory workers on demand.The tool crib has a variable demand.Historically,its demand has ranged from 150 to 250 small tools per day with an average of 200.Diane,the tool crib attendant,works eight hours a day,five days a week.Each order is for one small tool and each small tool takes Diane 2 minutes to retrieve from the bins.
-What is the average waiting time,in minutes?

• A)7
• B)3
• C)5
• D)2

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Definitions:

Monopoly Environment

A market structure characterized by a single seller, selling a unique product in the market.

Competitive Advantage

The attributes or conditions that allow a company or country to produce goods or services more efficiently or at a higher quality than its competitors.

Sustainable Profit

Profit achieved without compromising the ability of future generations to meet their needs, often associated with ethical and environmentally friendly practices.

Superior Profitability

Achieving higher profit margins compared to competitors, usually through efficient operations or unique market positioning.