When the Supply of Labor to a Firm Is Perfectly

question 45

Multiple Choice

When the supply of labor to a firm is perfectly elastic the marginal factor cost will equal the

• A) market price of the product.
• B) wage rate.
• C) marginal physical product.
• D) wage rate times the number of workers.

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Definitions:

Managed Care Plan

A type of health insurance plan that contracts with medical providers, such as hospitals and doctors, to create a network of participating providers. It requires policyholders to receive care from a network of designated healthcare providers for the highest level of coverage.

Medically Necessary

A term used to describe medical services or supplies that are required to diagnose or treat an illness, injury, condition, disease, or its symptoms and meet accepted standards of medicine.

CMS-1500

A standard form used by healthcare providers to submit claims for services provided to patients covered by Medicare and other health insurance programs in the United States.

Centers for Medicare and Medicaid Services

A federal agency within the United States Department of Health and Human Services responsible for administering the nation's major healthcare programs, Medicare and Medicaid.