The Best Type of Visual for Showing That Annual Consumer

question 50

Multiple Choice

The best type of visual for showing that annual consumer spending has decreased over the past ten years would be

• A) a table.
• B) an organization chart.
• C) a line chart.
• D) a pie chart.

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Definitions:

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good.

Elastic

A term often used in economics to describe a situation where the demand for a product or service significantly changes in response to a change in price.

Pricing Strategy

An approach businesses use to set the prices for their products or services, based on costs, market demand, competition, and other factors.

Marginal Revenue

The change in total revenue that results from selling one additional unit of product.