On a Graph, Consumer Surplus Is the Area Above the Equilibrium

question 89

True/False

On a graph, consumer surplus is the area above the equilibrium price and below the demand curve.

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion of a set of values.

Mean Age

An arithmetic average age of all the individuals in a given group or sample.

Range

The difference between the highest and lowest scores in a set of data, indicating the spread or variability of the dataset.

Distribution

In business, refers to the process of making a product or service available to the consumer or business user who needs it. In statistics, it describes the way in which values in a dataset are spread out.