Hospitals and Universities Are Very Expensive to Run, Not Only

question 107

Multiple Choice

Hospitals and universities are very expensive to run, not only due to the capital equipment that is required for each but also due to the personnel, such as specialized medical doctors and researchers. The cost of these types of institutions is an example of

• A)a barrier to entry.
• B)environmental uncertainty.
• C)unfair competition.
• D)high switching costs.
• E)strategic maneuvering.

---

Definitions:

Agriculture

The science, art, and practice of cultivating plants and livestock.

Imports

Foreign goods and services purchased by domestic customers.

Domestic Consumers

Individuals or households within a country that purchase goods and services for personal use as opposed to international or business consumers.

Foreign-made

This term describes products that are produced outside of one's home country.