Following Disturbance to a Community, Succession-Characterized by a Change in Community

question 22

Multiple Choice

Following disturbance to a community, succession-characterized by a change in community structure over time-can eventually result in a relatively stable stage called a

• A) moraine.
• B) climax community.
• C) primary successional stage.
• D) secondary successional stage.
• E) facilitation.

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Definitions:

Short and Long Run

Terms used in economics to distinguish between time periods; the short run considers some factors as fixed, while in the long run, all factors of production are variable.

Loan Covenant Violations

Occur when a borrower fails to meet one or more conditions of the loan agreement, potentially leading to penalties or the loan being called due.

Accounting Changes

Amendments in accounting principles, estimates, or the reporting entity that affect the financial statements of a company.

Reported Earnings

Reported earnings refer to the net income of a company as stated in its income statement, in compliance with the relevant accounting standards.