Yep, ’ means that the pages contains the UTF-8 quote character, but the browser renders the bytestream as if it's a single byte character stream. The crux is

Yep, ’ means that the pages contains the UTF-8 quote character, but the browser renders the bytestream as if it's a single byte character stream. The crux is that the basic alphabet is encoded the same. So you only notice it with special characters such as the curly quote and the em-dash.