The Law of Increasing Opportunity Costs Exists Because

question 233

Multiple Choice

The law of increasing opportunity costs exists because:

• A)resources are not equally efficient in producing various goods.
• B)the value of the dollar has diminished historically because of persistent inflation.
• C)wage rates invariably rise as the economy approaches full employment.
• D)consumers tend to value any good more highly when they have little of it.

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Definitions:

Liable for Malpractice

The legal responsibility faced by a professional, usually in healthcare, for failing to provide the expected standard of care, resulting in harm to a patient.

Standard of Care

The level of care and competence expected of a healthcare professional or organization in their duties towards patients, based on current medical knowledge and practices.

Malpractice Insurance

A type of liability insurance that protects healthcare professionals and organizations against claims of negligence or inadequate care that results in patient injury or harm.

Occurrence Report

An occurrence report is documentation of an unusual event or accident within a healthcare setting, used for quality improvement processes.