What is the percentage of the lower two quintiles earned on line Y?
25
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Compare and contrast the classical and Keynesian schools of thought for the following economic issues. (a) The flexibility of wages and prices. (b) The importance of macroeconomic policies
What will be an ideal response?
For a market with a linear demand curve and constant marginal cost of production, why are the reaction functions for the Cournot duopoly sellers also straight lines?
A) The reaction functions do not have to be straight lines, and they are only drawn this way in the book to keep the figures simple. B) Cournot thought the lines would be straight, but this was proven wrong by other economists. C) Marginal revenue is always linear when marginal costs are constant. D) We know that the marginal revenue curves for linear demand curves are also straight lines.
Monopolistically competitive industries consist of
a. one firm selling several products b. one firm selling one product c. many firms, all selling identical products d. many firms, each selling a slightly different product e. many firms, each selling a completely different product
Opportunity cost can best be defined as the
A. money cost of a good or service. B. money cost plus interest on money borrowed to buy a good or service. C. cost of the resources used to produce a good or service. D. value of the best alternative forgone when the alternative at hand is chosen.