In Hiking Up a Mountain You Are Likely to Pass

question 28

Multiple Choice

In hiking up a mountain you are likely to pass through various community types as you proceed from the low-elevation lands to the summit. This change in community is called

• A) succession.
• B) zonation.
• C) trophic cascade.
• D) bottom-up control.

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Definitions:

Fixed Costs

Fixed costs are business expenses that remain unchanged regardless of the level of production or sales, such as rent, salaries, and insurance premiums.

Capital

Resources made and used by humans to produce goods and services, including buildings, machinery, and equipment.

Barriers to Entry

Obstacles that prevent new competitors from easily entering an industry or area of business.

Industry Structure

The characteristics that influence the nature of competition and pricing in a particular industry, including the number and size of firms, entry barriers, and product differentiation.