To Show the Values of an Economic Variable for Different

question 6

Multiple Choice

To show the values of an economic variable for different groups in a population at a point in time,it is best to use a

• A) scatter diagram.
• B) time-series graph.
• C) linear graph.
• D) cross-section graph
• E) trend-section diagram.

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Definitions:

State University

A publicly funded university that is primarily supported by a state government.

Barrier to Entry

Factors that prevent or hinder companies from entering into a specific market or industry.

Allocative Efficiency

A state of resource allocation where every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it.

Market Power

The ability of a firm or group of firms to manipulate the price or supply of a good or service in the market, often by limiting availability or by altering consumer demand through control of significant portions of the market.