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While caring for a client near end of life, a student talks to her. Another student asks why she is talking to someone who is dying. Which response would be accurate?
Opportunity Cost
The cost of what you have to give up in order to choose something else.
Output
The sum of all goods or services created by an enterprise, industry, or the economy over a certain period.
Economic Profits
The profit or loss calculated by taking out both straightforward and assumed expenses from total income.
Purely Competitive
A business environment marked by the proliferation of many small enterprises, a uniform product, and effortless procedures for both entry and exit.
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