What Is the Main Purpose of (A) a Line Chart

question 37

Essay

What is the main purpose of (a) a line chart, (b) a bar chart, and (c) a pie chart? Provide an example of an appropriate use of each type.

---

Definitions:

Consumer Surplus I

The gap between what consumers are prepared and able to spend on a product or service and what they end up paying.

Price

The amount of money required to purchase a good or service.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.

Absolute Advantage

Refers to the capability of an entity to produce a good or service more efficiently than its competitors using the same amount of resources.