What Three Aspects of a Bivariate Relationship Are Revealed in a Scattergram

question 8

Short Answer

What three aspects of a bivariate relationship are revealed in a scattergram?

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Definitions:

Excess Burden

The loss of economic efficiency that occurs when a tax or government policy distorts consumer behavior or market outcomes, leading to a decrease in total welfare.

Tax Revenue

The financial gains obtained by governments from tax collection.

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is unachievable.

Excess Burden

Excess Burden, also known as deadweight loss, is the cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium.