If everyone earned the same income, the Lorenz curve would be
A) a rectangular hyperbola.
B) a straight line from the origin at a 45-degree angle.
C) the horizontal axis.
D) very bowed from the diagonal.
B) a straight line from the origin at a 45-degree angle.
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Universities tend to set tuition high and then, through financial aid, effectively charge each student a different price for education. Financial aid statements allow the university to determine the student's financial status and set an appropriate price to charge the student. This situation is an example of
a. first-degree price discrimination. b. second-degree price discrimination. c. third-degree price discrimination. d. a two-part tariff.
Holding everything else constant, the U.S. real exchange with India will increase if the rupee depreciates
Indicate whether the statement is true or false
In a three-player game, a Nash equilibrium exists when all players are playing their best response to one another
Indicate whether the statement is true or false
We can experience a shortage of any good or service if
A) the price of using it is too high. B) the price of using it is too low. C) people demand more than they need. D) if people need more than they demand.