Every Graphical Statistic Has Some Common Parts That Need to Be

question 20

Multiple Choice

Every graphical statistic has some common parts that need to be presented; they are

• A)labels,line ticks,different colors
• B)title,some type of scale,different colors,
• C)title,labels,subtitles
• D)labels,some type of scale,graph elements

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Definitions:

Consumer Surplus

Consumer surplus is the difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.

Property Rights

The legal rights to own, use, and dispose of assets including real estate, personal possessions, and intellectual property.

Producer Surplus

The difference between what producers are willing and able to sell a product for and the actual price they receive, representing the extra benefit to producers.

Consumer Surplus

The difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay.