Which of the Following Statements Regarding the Lorenz Curve Is

question 199

Multiple Choice

Which of the following statements regarding the Lorenz curve is FALSE?

• A) A Lorenz curve is a geometric representation of the distribution of income.
• B) A Lorenz curve that is perfectly straight represents complete income equality.
• C) The less bowed is a Lorenz curve, the less equally income is distributed.
• D) The more bowed is a Lorenz curve, the more unequally income is distributed.

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Definitions:

Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to changes in its price or other factors.

Demand

The desire and ability of consumers to purchase goods and services at given prices over a specific time period, reflecting their willingness to pay.

Lowest Elasticity

Refers to the product or service with the least responsiveness to changes in price, indicating that quantity demanded or supplied changes very little when prices fluctuate.

Graph

A diagram representing data, relationships, or functions systematically, with lines, bars, or other symbols.