The less bowed the Lorenz Curve, the
A) more equal the income distribution.
B) less equal the income distribution.
C) greater the number of low-income people.
D) greater the number of high-income people.
A
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The wage rate and MLC differ for a monopsonist because
a. the monopsonist is forced to pay a wage rate greater than the worker's MLC b. the monopsonist must accept the labor market's wage rate c. workers are not as efficient when employed by a monopsonist d. any wage rate increase applies to all workers, not just to the last hired e. a wage rate decrease forces workers to work longer hours
The Coase Theorem states that:
a. bargaining between producers and consumers leads to an efficient outcome when costs are low. b. bargaining between producers and consumers leads to an efficient outcome when costs are high. c. property rights should be assigned to the producers causing the externality d. property rights should be divided between the consumers affected by the externality.