Which of the Following Are Implicit Costs for a Typical

question 279

Multiple Choice

Which of the following are implicit costs for a typical firm?

• A) the cost of labour
• B) the opportunity cost of capital owned and used by the firm
• C) the cost of energy used in production
• D) a business licensing fee

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Definitions:

Myocardial Infarction

Myocardial Infarction, commonly known as a heart attack, is a medical emergency where blood flow to the heart is blocked, leading to heart muscle damage or death.

Medical Necessity

The determination that the health care professional was acting according to standard practices in providing a particular procedure for an individual with a particular diagnosis. Also referred to as medically necessary.

National Correct Coding Initiative

The National Correct Coding Initiative (NCCI) is a Medicare initiative that prevents improper payment of services that should not be reported together according to standardized coding guidelines.

Symptom

A subjective sensation or departure from the norm as related by the patient.