What is a Lorenz curve and what is a Gini coefficient?
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What will be an ideal response?
A Lorenz curve is a curve that shows the distribution of income by arraying incomes from the lowest to the highest on the horizontal axis and indicating the cumulative fraction of income earned by each fraction of households on the vertical axis. A Gini coefficient is equal to the area between the line of perfect income equality and the Lorenz curve divided by the whole area below the line of perfect equality.
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Which of the following is not a basic characteristic of monopolistic competition?
A. The use of trademarks and brand names. B. Recognized mutual interdependence. C. Product differentiation. D. A relatively large number of sellers.
Pollution problems
A. have existed for many centuries. B. are attributable to modern industrialization. C. can be blamed on the profit system. D. have worsened in every respect in the past 40 years.