The Term Obligate Refers to

question 63

Multiple Choice

The term obligate refers to

• A)The ability to exist in a wide range of conditions
• B)Existing in a very narrow niche
• C)Using chemicals for energy production
• D)Using light for energy production
• E)Using oxygen for metabolism

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Definitions:

Marginal Revenue

Extra profit generated from the sale of one more unit of a product or service.

Marginal Cost

The additional cost incurred to produce one additional unit of a good or service.

Average Variable Cost

The variable cost of production (costs that change with output level) divided by the quantity of output produced.

Product Differentiation

A marketing strategy where a company attempts to distinguish its product or services from the competition.