On the Lorenz curve, the vertical axis measures ______, and the horizontal axis measures ______.
a. cumulative percentage of income; cumulative percentage of households
b. cumulative percentage of households; cumulative percentage of income
c. cumulative national income; cumulative national debt
d. cumulative national debt; cumulative national income
a. cumulative percentage of income; cumulative percentage of households
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Voluntary trade promotes economic progress because it
a. encourages individuals to become self-sufficient. b. benefits buyers at the expense of sellers. c. makes larger outputs possible as a result of specialization. d. moves goods, services and resources from people who value them more to individuals who value them less.
Which of the following statements about a monopolist is TRUE?
A. All monopolies are unlawful in the United States. B. Monopolies tend to supply goods at lower prices than those charged by firms in perfect competition. C. Monopolies will always make a profit in the long run. D. Monopolies tend to misallocate resources.