Hospitals and Universities Are Very Expensive to Run, Not Only

question 107

Multiple Choice

Hospitals and universities are very expensive to run, not only due to the capital equipment that is required for each but also due to the personnel, such as specialized medical doctors and researchers. The cost of these types of institutions is an example of

• A)a barrier to entry.
• B)environmental uncertainty.
• C)unfair competition.
• D)high switching costs.
• E)strategic maneuvering.

Recognize the role of bias and evidence in intuitive judgments.

Understand the principles of calculating the probability of independent and dependent events occurring.

Grasp the concept of mutually exclusive vs compatible events and their impact on probability calculations.

Distinguish between the methods to calculate the probability of disjunctions and conjunctions in multiple events.