The ability of an individual to pass on its phenotype to future generations is known as:

Explanation

The correct answer is Option B: Heritability. Heritability refers to the proportion of observed variation in a particular trait that can be attributed to inherited genetic factors in a population. It is crucial in understanding the transmission of traits from parents to offspring. In contrast, Option A: Fitness describes an organism's reproductive success but does not focus on the genetic transmission of traits. Option C: Limited environmental resources discusses competition for resources rather than trait inheritance. Option D: Overproduction of offspring addresses reproductive strategies that lead to competition but does not involve genetic transmission. Lastly, Option E: Phenotypic variation describes the diversity of traits but does not encompass the mechanism of inheritance.