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A community hospital has assessed the need for an automatic internal cardiac defibrillator for special procedures.Because of the reimbursement allowed from Medicare, which of the following best explains the decision made?
Total Profit
The total income of a business after all expenses and costs have been deducted from its total revenue.
Optimum Efficiency
The state in which resources are allocated in the most efficient manner possible, maximizing outputs while minimizing wastes and costs.
Perfect Competitor
An idealized market structure in which many firms produce identical products, entry and exit are easy, and all participants have perfect information.
Long Run
A period in economics in which all factors of production and costs are variable, allowing for full adjustment to change.
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