If You Were to Look at the Prototypical Resident of a Long-Term

question 60

Multiple Choice

If you were to look at the prototypical resident of a long-term care facility in the United States of America, which of the following would NOT be one of the characteristics you'd see?​

• A) ​This person would be female.
• B) ​This person would be African-American.
• C) ​This person would be over 85 years old.
• D) ​This person has a 50/50 chance of having dementia, depression, or both.

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Definitions:

Input Prices

The cost of resources used in the production process, including labor, materials, and capital.

Price Ceilings

Legal maximum prices set for particular goods and services, intended to protect consumers from very high prices.

Consumer Surplus

The variance between the actual cost paid by consumers and the maximum amount they're prepared to pay for a good or service.

Market Equilibrium

The point at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a stable market price.