How Does a Time Series Plot Differ from a Histogram

question 3

Multiple Choice

How does a time series plot differ from a histogram?

• A)A histogram displays one measurement variable, but a time series plot displays data with two measurement variables (time is one of them).
• B)A histogram displays data collected at one point in time, while a time series plot displays data collected over a series of times.
• C)If a histogram is flat, that indicates more variability than if it were bell-shaped.If a time series plot is flat, that indicates less variability than if it were bell-shaped.
• D)All of the above.

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Definitions:

Marginal Cost

The financial impact of producing one more unit of a product or service.

Marginal Social Cost

The additional cost incurred by society as a whole due to the production of one more unit of a good or service.

Damage Cost

The monetary cost associated with the harm done to goods in an economy, which can result from disasters, accidents, or intentional acts.

Negative Externality

An adverse effect suffered by a third party as a result of an economic transaction in which they had no involvement.