A Physical Therapist Estimates That the Possibility That a Patient

question 4

Multiple Choice

A physical therapist estimates that the possibility that a patient has a specific diagnosis is 0.6.He chooses to perform a test that has a positive likelihood ratio of 1.What is the possibility that the patient has the disease if the test was positive?

• A)0.4
• B)0.5
• C)0.6
• D)0.7

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Definitions:

Price of An Input

The cost associated with one unit of a raw material or component used in the production of goods or services.

Perfectly Competitive Industry

A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product.

Short-Run Industry

An industry characterized by the presence of fixed and variable costs, where firms cannot enter or exit the market easily in the short term.

Marginal Cost Curves

A graphical representation that shows how the cost of producing one more unit of a good changes as production increases.