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Author Question: Entry of new firms into a perfectly competitive market lowers the profits of the existing firms. ... (Read 73 times)

madam-professor

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on: Jun 29, 2018
Entry of new firms into a perfectly competitive market lowers the profits of the existing firms.
 
  Indicate whether the statement is true or false

Question 2

What is a Lorenz curve and what does it show?
 
  What will be an ideal response?


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shoemake

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Reply #1 on: Jun 29, 2018
Answer to Question 1

TRUE

Answer to Question 2

A Lorenz curve graphs the cumulative percentage of income (or wealth) against the cumulative percentages of households. The curve shows how equally income (or wealth) is distributed across households.


madam-professor

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Reply #2 on: Jun 29, 2018
Thank you :)


shoemake

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Reply #3 on: Jun 29, 2018
Happy to help you


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