Final answer:
In the Aspen Skiing Company case, the operating cash flow changes due to both the competitive effect and the conversion effect caused by a strong dollar in the 1980s. Therefore, the correct option is C.
Step-by-step explanation:
In the case of Aspen Skiing Company, the operating cash flow changes following a strong dollar in the 1980s due to both the competitive effect and the conversion effect. The competitive effect refers to how a strong dollar makes the company's products relatively more expensive compared to competitors in other countries, potentially reducing demand. The conversion effect refers to how the stronger dollar reduces the amount of foreign currency the company receives upon converting its export sales, thereby impacting its profits.