A Lorenz curve measures the ________ on the horizontal axis

The average tax rate is calculated as

A) total income divided by the total tax paid. B) the change in income divided by the change in total tax paid. C) total tax paid divided by total income. D) the change in total tax paid divided by the change in income.

If there is an excess supply of a good on the market,

a. the price is lower than the equilibrium price b. the quantity demanded exceeds the quantity supplied c. the price will fall d. there is a shortage of the good e. the price will rise