The Economics of Queues and Waiting: Checkpoint 1

Quick checkpoint - five questions on the economics of queues and waiting.

Question 1 of 5 What does a queue usually indicate?

Demand exceeds capacity A holiday No one wants the service Prices are too low everywhere

Waiting is a cost.

Question 2 of 5 What does FIFO stand for?

First in, first out Free in, free out Fixed income, fixed output Fast in, fast out

It is the simplest queue rule.

Question 3 of 5 Why do mirrors near lifts reduce complaints?

They make waiting time feel shorter They add capacity They lower rent They speed the lift

Perceived wait matters.

Question 4 of 5 Why is a single queue for multiple servers often better?

It doubles capacity It reduces variance in waiting It removes servers It bans priority

Everyone moves to the next free server.

Question 5 of 5 What is congestion pricing?

A fee for driving licences A toll on air Charging drivers to use busy roads at peak times A tax on parking

London and Singapore use it.

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