CCRC Advantage an Advantage of Living in a Continuing Care

question 27

Multiple Choice

CCRC advantage An advantage of living in a Continuing Care Retirement Communities (CCRC) is that older adults:

• A)can move from minimal to higher levels of care within the same community.
• B)receive extensive services at a moderate price through government assistance.
• C)do not need to put down a down payment but only pay monthly rental fees.
• D)can live in apartments that are attached to the homes of their children.

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Definitions:

Profit-maximizing Rule

A principle guiding businesses to set their output and prices at levels where marginal cost equals marginal revenue to maximize profit.

Cost-minimization Rule

A principle suggesting that firms seek to produce any given level of output at the lowest possible cost.

Wage Increase

An upward adjustment in wages or salaries, often to match inflation, improve living standards, or reward performance.

Labor Demand

The total amount of workers that employers are willing and able to hire at given wages over a certain period.