A Chart and All of Its Elements Is Known as the ________

question 41

Multiple Choice

A chart and all of its elements is known as the ________.

• A)chart sheet
• B)chart area
• C)plot area
• D)axis

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Definitions:

Ceiling Price

A ceiling price is a government-imposed limit on how high a price of a good or service can be charged in the market, typically set below the equilibrium price to make goods more affordable.

Competitive Market

A market situation where numerous sellers and buyers exist, and where each has a negligible impact on the market price.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in a market.

Equilibrium Quantity

At the market equilibrium price, the amount of goods or services that are supplied matches the amount that is demanded.