The Gini Co-Efficient Is a Statistical Tool for Measuring Income

question 12

True/False

The Gini Co-efficient is a statistical tool for measuring income distribution.

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Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they do pay.

Net Social Gain

The overall benefit to society from an economic transaction or policy, taking into account both benefits and costs.

Monopoly

A monopoly is a market structure where a single firm has exclusive control over the market supply of a product or service, often leading to higher prices for consumers.

Megawatts

A unit of power equal to one million watts, often used to describe the output capacity of power plants or the amount of electricity required by large entities.