Two-Dimensional Graphs Have a Horizontal and a Vertical Axis and Are

question 172

Multiple Choice

Two-dimensional graphs have a horizontal and a vertical axis and are used in economics to illustrate

• A)relationships between two economic variables.
• B)one variable.
• C)a flow chart.
• D)a pie chart.

---

Definitions:

Wheat Market

The global marketplace where wheat is bought and sold, influenced by factors such as weather conditions, political stability, and global supply and demand.

Oil Prices

The cost per barrel of crude oil, determined by global supply and demand dynamics.

Pareto Optimal

A state of allocation of resources from which it is impossible to reallocate to make any one individual better off without making at least one individual worse off.

General Equilibrium

General equilibrium refers to a condition in an economy where supply and demand are in balance across all markets, taking into account the interrelations between these markets.