A Graph Showing the Relationship Between the ____________________ and the ________________________

question 25

Multiple Choice

A graph showing the relationship between the ____________________ and the ________________________ is called the ______________ curve.

• A)cumulative percentage of households; cumulative percentage of income; Lorenz
• B)cumulative percentage of households; cumulative percentage of income; Gini
• C)cumulative percentage of households; cumulative percentage of income; Laffer
• D)percentage of households living in poverty; percentage of households living above the poverty line; Lorenz

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Definitions:

Supply Elasticity

A measure of how much the quantity supplied of a good changes in response to a change in its price.

Buying Price

The cost at which an individual or organization is able to purchase a good, service, or asset.

Oligopsony

Market with only a few buyers.

Buying Price

The price at which a good or service is purchased by a consumer or another business.