The Difference Between a Histogram and a Bar Chart Is

question 19

True/False

The difference between a histogram and a bar chart is that the histogram represents quantitative data while the bar chart represents qualitative data.

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Definitions:

Output Produced

The total quantity or amount of goods and services produced by a business, industry, or economy.

Maximizing Profits

Involves strategies businesses employ to increase their earnings to the highest possible level.

Payment to Labor

Compensation provided to employees in the form of wages, salaries, bonuses, and benefits for their work and services.

Marginal Revenue Product

Marginal Revenue Product (MRP) is the additional revenue generated from employing one more unit of a resource, such as labor or capital.