If the Lorenz Curve were used to graph the distribution of income in an economy where all households earn the exact same income, the graph would show a _____.

(A) Curved line and sloped diagonally upward.
(B) Straight line and sloped diagonally upward.
(C) Curved line and sloped diagonally downward.
(D) Straight line and sloped diagonally downward.

Ans: (B) Straight line and sloped diagonally upward.

Economics

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The minimum wage

A) is type of price ceiling. B) is a type of price floor. C) can create a surplus of labor. D) Both answers A and C are correct.

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If the price of a product decreases, we would expect

What will be an ideal response?

Economics