When Constructing Any Graphical Display That Utilizes Categorical Data,classes That

question 3

True/False

When constructing any graphical display that utilizes categorical data,classes that have frequencies of 5 percent or less are usually combined together into a single category.

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Definitions:

External Benefits

Positive effects of a product or service that are enjoyed by people other than those who directly use or consume the product or service.

Private Benefits

The direct advantages or gains accruing to an individual or organization from their economic actions, excluding wider societal impacts.

Producer Surplus

The difference between the amount that producers are willing to accept for a good or service and the actual amount they receive in the market.

Externality

A cost or benefit from production or consumption that accrues to someone other than the immediate buyers and sellers of the product being produced or consumed (see negative externality and positive externality).