In the figure above, the lowest 20 percent of all households receive ________ percent of all income, the next lowest 20 percent receive ________ percent of all income and the richest 20 percent receive ________ percent of all income
A) 20; 20; 20
B) 20; 40; 100
C) 10; 20; 40
D) 10; 10; 40
D
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Use the following cost table to answer the next question.OutputAverage Variable CostAverage Total CostMarginal Cost0---2$2.50$27.50$2.542.0014.501.562.0010.332.082.138.382.5102.307.303.0122.506.673.5143.006.576.0164.007.1311.0The table shows cost data for a perfectly competitive firm. If the market price for the firm's product is $6, what output level will the firm produce to maximize profits?
A. 16 B. 12 C. 0 D. 14
In U.S. presidential elections, the winner of the popular vote
A) was always the election winner. B) lost the election only one time in history. C) lost the election about 10 percent of the time. D) lost the election more times than he won the election.
Short-run supply curves for perfectly competitive firms tend to be upward sloping because:
A) there is diminishing marginal product for one or more variable inputs. B) marginal costs increase as output increases. C) marginal fixed costs equal zero. D) A and B are correct. E) B and C are correct.
The exit of farms from a market should
A. Increase the equilibrium market output. B. Decrease the equilibrium market price. C. Increase the equilibrium market price. D. Shift the agricultural market supply curve to the right.