A Lorenz curve that represents an unequal income distribution is
A. a vertical line.
B. a straight line starting at 100%
C. a straight line starting at the origin.
D. a bowed curved.
Answer: D
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Dustin's copy shop can use four alternative plants. The figure above shows the average total cost curves for Plant 1 (ATC1), Plant 2 (ATC2), Plant 3 (ATC3), and Plant 4 (ATC4). Dustin's minimum efficient scale is
A) 2,650 copies per day. B) 6,000 copies per day. C) 4,000 copies per day. D) More information is needed to determine the minimum efficient scale.
Which of the following market structures results in a deadweight loss in the long run?
a. Perfect competition and monopolistic competition b. Monopolistic competition and monopoly c. Perfect competition and monopoly d. All of these market structures lead to a deadweight loss in the long run
The Lorenz curve shows the distribution of
A. wealth. B. income. C. poverty. D. jobs.
The __________ school of economics holds that lower tax rates and less government intervention in the private sector are the only ways to stimulate saving, investment, and productivity.
Fill in the blank(s) with the appropriate word(s).