The Lorenz Curve Is

question 15

Multiple Choice

The Lorenz Curve is

• A)a curve that shows the percertage of total household incomes received successively larger fractions of the population,starting with the poorest group.
• B)a curve tha tshows the area between the Gini Curve and line OE,divided by OEZ.
• C)Both A and B
• D)Neither A nor B

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Definitions:

Price Increase

A situation where the cost of goods or services rises over a period of time.

Supply Elasticity

Measures how the quantity supplied of a good responds to a change in the price of that good.

Market Supply Curve

A graphical representation of the quantity of goods and services that suppliers are willing and able to sell at various prices during a given period.