A Gini coefficient based on population deciles tends to be lower than a Gini coefficient based on income
Indicate whether the statement is true or false
F
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If a firm could perfectly price discriminate,
A. the marginal revenue curve would lie below the demand curve. B. the marginal revenue curve would be the same as the demand curve. C. there would be no marginal revenue function. D. the marginal revenue curve would lie above the demand curve.
As someone's income rises, eventually their
A. income effect will outweigh their substitution effect. B. substitution effect will outweigh their income effect. C. their substitution and income effects will attain permanent equality.
According to the textbook, expensive advertising campaigns are:
A. a waste of resources because they provide no useful information about product quality. B. not a credible signal of quality because of adverse selection. C. only a credible signal of product quality if they mention a money-back guarantee. D. a credible signal of product quality.
An increase in output would result in a rise in long-run average costs when there are
A. the law of diminishing marginal product. B. diseconomies to scale. C. constant returns to scale. D. economies of scale.