Krugman's Economics For The Ap® Course
3rd Edition
ISBN: 9781319113278
Author: David Anderson, Margaret Ray
Publisher: Worth Publishers
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Question
Chapter 14R, Problem 22MCQ
To determine
The Lorenz curve for Equalville when everyone in the state earns the same income.
Expert Solution & Answer
Answer to Problem 22MCQ
From the available options, the correct option is straight and upward-sloping.
Explanation of Solution
When every person in Equalville earns the same income, then the Lorenz curve would be straight and upward-sloping because there is equal distribution of income in the state. And, when the income distribution is more equal, the Lorenz curve would be a straight line at 45 degrees which slopes upward. Therefore, this curve would not deliver a downward, flat, or circular slope on the graph. Here, the correct option is d (straight and upward-sloping), and all options: a, b, c, and e are incorrect.
Economics Concept Introduction
Introduction: The Lorenz curve shows the graphical representation of inequality in income and inequality in wealth which was developed by Max Lorenz.
Chapter 14R Solutions
Krugman's Economics For The Ap® Course
Ch. 14R - Prob. 1MCQCh. 14R - Prob. 2MCQCh. 14R - Prob. 3MCQCh. 14R - Prob. 4MCQCh. 14R - Prob. 5MCQCh. 14R - Prob. 6MCQCh. 14R - Prob. 7MCQCh. 14R - Prob. 8MCQCh. 14R - Prob. 9MCQCh. 14R - Prob. 10MCQ
Ch. 14R - Prob. 11MCQCh. 14R - Prob. 12MCQCh. 14R - Prob. 13MCQCh. 14R - Prob. 14MCQCh. 14R - Prob. 15MCQCh. 14R - Prob. 16MCQCh. 14R - Prob. 17MCQCh. 14R - Prob. 18MCQCh. 14R - Prob. 19MCQCh. 14R - Prob. 20MCQCh. 14R - Prob. 21MCQCh. 14R - Prob. 22MCQCh. 14R - Prob. 23MCQCh. 14R - Prob. 24MCQCh. 14R - Prob. 25MCQCh. 14R - Prob. 1FRQCh. 14R - Prob. 2FRQCh. 14R - Prob. 3FRQ
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