To Use Graphics Most Effectively, First Clarify the Goal of Your

question 64

True/False

To use graphics most effectively, first clarify the goal of your Web page or Web site.

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Definitions:

Opportunity Cost

The relinquishment of possible advantages from alternate options upon making a choice.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, measured by the area above the supply curve and below the price level.

Demand

The desire to purchase goods and services backed by the ability and willingness to pay a certain price.

Consumer Surplus

The gap between the total price consumers are ready and able to spend on a good or service and what they actually spend.