The Use of the Coordinate System Allows

question 50

Multiple Choice

The use of the coordinate system allows

• A)for the display of the flows of dollars,goods and services,and factors of production in an economic system.
• B)for the display of how labor and other resources are organized in the production process.
• C)for the display of two variables on a single graph.
• D)for the creation of pie charts and bar graphs.

---

Definitions:

Marginal Cost

The cost incurred by producing one additional unit of a product or service.

Marginal Revenue

The additional revenue that a firm earns by selling one more unit of a good or service.

Perfectly Elastic

A situation in economics where the quantity demanded or supplied changes infinitely with any change in price.

Perfect Mobility

An economic condition where factors of production such as labor and capital can be easily moved across industries or geographies without costs or barriers.