The Number of Customers Arriving at a Department Store in a 5-Minute

question 21

True/False

The number of customers arriving at a department store in a 5-minute period has a binomial distribution.

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Definitions:

Good Increases

Refers to a situation where the quantity or quality of goods available in a market or economy grows.

Excess Demand

Occurs when the quantity demanded of a product significantly exceeds its quantity supplied, often leading to a shortage.

Equilibrium Price

The price at which the quantity of a good or service supplied matches the quantity demanded, resulting in market stability.

Output

The total amount of goods or services produced by a business, industry, or economy.