An Implied Warranty Is Found in the Language of a Sales

question 55

True/False

An implied warranty is found in the language of a sales contract.

Describe the implications of a physician accepting assignment for Medicare patients.

Explain the role and payment structures of health maintenance organizations (HMOs).

Understand the rules determining primary and secondary insurance payers.

Describe the process and benefits of electronic claim submissions.

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Definitions:

Opportunity Cost

The expense incurred by not selecting the second-best choice available when deciding between multiple options.

Consumer Goods

Products and services that are purchased for consumption by the average household or end user, rather than for the purpose of resale or further processing.

Capital Goods

Are tangible assets such as buildings, machinery, equipment, vehicles, and tools that an organization uses to produce goods or services.

Production Possibilities Curve

A graphical representation that shows the maximum quantity of one good that can be produced for every possible quantity of another good produced, given the available resources and technology.