A Square on a Data Flow Diagram Represents A

question 31

Multiple Choice

A square on a data flow diagram represents a:

• A)data store
• B)data flow
• C)process
• D)source/sink

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a stable market.

Producer Surplus

The difference between what producers are willing to accept for a product versus what they actually receive, measured by the area above the supply curve and below the market price.

Sellers' Willingness

Refers to the inclination or readiness of sellers in a market to offer goods or services for sale at various prices.

Total Surplus

The total net gains for society represented by the combined amount of consumer surplus and producer surplus in a market.