A visual expression of income distribution is depicted by
a. the Gini coefficient
b. the IRS curve for incomes held by households
c. supply and demand curves for the four resources: labor, capital, land, and entrepreneurship
d. the Lorenz curve
e. the diagonal on a Gini distribution
D
Economics
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Inflation is best defined as
A) a sustained increase in the price of ALL goods and services in an economy. B) a relative price increase. C) a sustained increase in the average of all prices of goods and services in an economy. D) a sustained increase in the price of a single good or service.
Economics
This graph represents the cost and revenue curves of a firm in a perfectly competitive market.
According to the graph shown, what is the market price?
A. P1 B. P2 C. P3 D. Cannot tell from the graph.
Economics