What is a Lorenz curve and what does it show?
What will be an ideal response?
A Lorenz curve graphs the cumulative percentage of income (or wealth) against the cumulative percentages of households. The curve shows how equally income (or wealth) is distributed across households.
Economics
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When deriving the production possibilities curve, it is assumed that
A) the amount of each good that is to be produced is fixed. B) the prices of resources are fixed along the curve. C) most resources can be used to produce only one good. D) resources are efficiently used.
Economics
Why is the money demand curve down sloping?
What will be an ideal response?
Economics