An ERD Is a Tool That Graphically Shows the Connections

question 81

True/False

An ERD is a tool that graphically shows the connections among entities in a system.

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Definitions:

Consumer Surplus

The disparity between what consumers are prepared and able to spend for a product or service and the actual amount they end up paying.

Property Tax

A tax assessed on real estate by the local government, based on the property's value.

Elastic

Refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.

Excess Burden

The cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium.