When Practicing in a Compact State

question 8

Multiple Choice

When practicing in a compact state:

• A) the nurse must abide solely by the practice act of the largest state.
• B) patients' rights in relation to the nurse practice act are protected by the mutual recognition model.
• C) the nurse must pay for a license in all states that participate in the mutual recognition model.
• D) the nurse must refer to the nurse practice act for the list of skills that can be performed.

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Definitions:

Technology

The application of scientific knowledge for practical purposes, especially in industry.

Positive Profits

The financial gain that occurs when total revenue exceeds total costs.

Long Run

A period in which all factors of production and costs are variable, allowing full adjustment to any change in market conditions.

Economic Profit

The difference between total revenues earned from production and the total opportunity costs of all inputs used in production.