The Study of Interactions Between the Living and Non-Living Components

question 33

Multiple Choice

The study of interactions between the living and non-living components of a defined area is called:

• A) ecosystem.
• B) ecology.
• C) environment.
• D) habitat.

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Definitions:

Long-Run Profits

Long-run profits are the earnings a firm expects to achieve over a period during which all inputs, including capital, can be fully adjusted.

Elastic

Describes a situation where the demand or supply for a good or service significantly changes in response to changes in price.

Pure Competition

A market structure characterized by a large number of buyers and sellers, uniform products, and free entry and exit, leading to price taking behaviour.

Excess Capacity

A situation where a firm is producing at a level less than its potential maximum output, indicating underutilization of resources.