Which of the Following Are Two Components of the Opportunity

question 226

Multiple Choice

Which of the following are two components of the opportunity cost of using capital already owned by the firm?

• A) economic profit and normal profit
• B) implicit rental rate and economic profit
• C) explicit rental rate and economic costs
• D) economic depreciation and forgone interest

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Definitions:

Competitive Exclusion

Process whereby two species compete for a limiting resource, and one drives the other to local extinction.

Same Niche

The scenario where two or more species occupy the same environmental niche, competing for identical resources.

Larger Species

Species characterized by larger body sizes in comparison to related species or within a defined context of study.

Survival

The ability to continue living or existing, often despite difficult conditions or situations.