If everyone in an economy had equal income, the Lorenz curve would be a curve that intersects the line of income equality at the point at which 50 percent of the population earns 50 percent of the income

Refer to Figure 7-1. At the market equilibrium, the deadweight loss is equal to

A) $0. B) $250,000. C) $500,000. D) $1,000,000.

In a competitive labor market a firm will continue to employ workers for as long as an additional worker's marginal revenue product exceeds the wage rate

a. True b. False Indicate whether the statement is true or false