Match the Following Five Chart Elements to Their Descriptions

question 67

Multiple Choice

Match the following five chart elements to their descriptions:
i.tick marks
II.axis
III.chart area
IV.category labels
v.plot area

• A)Display along the bottom of the chart to identify the category of data.
• B)The short lines that display on an axis at regular intervals.
• C)A line that serves as a frame of reference for measurement and that borders the chart plot area.
• D)The area bounded by the axes of a chart,including all the data series.
• E)The entire chart and all its elements.

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Definitions:

Marginal Decision Rule

A principle in economics used to determine the optimal level of an activity; actions should be taken up to the point where marginal benefits equal marginal costs.

Marginal Revenue

Increment in income from the sale of one more product or service unit.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, often indicating the degree of profitability.

Marginal Decision Rule

A principle stating that an action should be taken if and only if the marginal benefits exceed the marginal costs.