What Are the Major Sources of Economic Profit

question 1

Multiple Choice

What are the major sources of economic profit?

• A) certainty, monopolistic competition, and inelastic supply.
• B) competition, perfect information, and elasticity of market demand.
• C) barriers to entry, uncertainty, and entrepreneurial alertness.
• D) externalities, inflation, and size of firm.

---

Definitions:

Pioneer Species

Species that can colonize a new habitat.

Keystone Species

A species that has a disproportionately large effect on community structure relative to its abundance.

Evolved

The process through which species undergo changes over time, often through genetic variation and natural selection, leading to adaptations and diversity among organisms.

Competitive Exclusion

A principle stating that two species competing for the same resources cannot stably coexist if other ecological factors are constant; one will always outcompete the other.