A Network of Interactions That Involves the Cycling of Materials

question 36

Multiple Choice

A network of interactions that involves the cycling of materials and the flow of energy among organisms and their physical environment is ____.  

• A) a population
• B) a community
• C) an ecosystem
• D) the biosphere
• E) the habitat

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Definitions:

Demand

The measure of a commodity or service consumers intend and are able to acquire at multiple price levels during a set time span.

Economic Profits

Profits exceeding the opportunity costs of all resources employed, including both explicit and implicit costs, signifying above-normal returns.

Long Run

An economic term referring to a period in which all factors of production and costs are variable, allowing for full adjustment to changes in the market.

Price-taking

A market condition in which individual buyers or sellers have no influence over the market price of a product, commonly seen in perfectly competitive markets.