An Infographic (Information Graphic) Is a Representation of Information in a Graphic

question 82

True/False

An infographic (information graphic) is a representation of information in a graphic format designed to make the data easily understandable at a glance. People use infographics to quickly communicate a message, to simplify the presentation of large amounts of data, to see data patterns and relationships, and to monitor changes in variables over time.

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service and the actual price they receive, reflecting the benefit to producers from higher prices.

Consumer Surplus

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

Maximum Willingness

The highest amount an individual is prepared to pay for a good or service, reflecting their subjective valuation of its utility.

Output

The total amount of goods and services produced by an economic system or by a firm.