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What is this contrast ratio all about? How does it affect the picture quality of LED TVs?

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What is this contrast ratio all about? How does it affect the picture quality of LED TVs?

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Contrast ratio is a measure of a display system. It is the ratio of luminance of the brightest color which is white to the darkest color which is black that LED TVs are capable of producing. You want to have a high contrast ratio for your TV because the higher the number, the better the image it gives during dark scenes.

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