The Average Transaction at an Automatic Teller Can Be Completed

question 19

Multiple Choice

The average transaction at an automatic teller can be completed in 7.5 minutes and customers arrive at the average rate of one every ten minutes.On average,how many customers are there in line? (Choose the closest answer. )

• A)​4.000 Customers
• B)​0.300 Customers
• C)​3.000 Customers
• D)​0.375 Customers

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Definitions:

Costs

Costs represent the monetary value of expenditures for inputs, labor, and other resources required to produce goods or services.

Purely Competitive Conditions

describes a market structure with many buyers and sellers, where each firm has no control over the market price and products are homogeneous.

Equilibrium

A state in which market demand is equal to market supply, with no external forces causing disruption, leading to a stable price and quantity.

MPs

Members of Parliament, individuals elected to represent constituencies in the legislative body of a parliamentary government.