Using the table provided above to construct Lorenz curves ...

[yoooooman]

Using the table provided above to construct Lorenz curves representing 1990 and 2011, what do you discover and how is this interpreted?
 
  A) The Lorenz curve for 1990 is further away from the line of equality than the curve for 2011. This means that inequality is decreasing.
  B) The Lorenz curve for 1990 is further away from the line of equality than the curve for 2011. This means that inequality is increasing.
  C) The Lorenz curve for 2011 is further away from the line of equality than the curve for 1990. This means that inequality is increasing.
  D) The Lorenz curve for 2011 is further away from the line of equality than the curve for 1990. This means that inequality is decreasing.

Question 2

The supply curve for a perfectly competitive firm is the portion of its marginal cost curve that lies above the average variable cost curve.
 
  Indicate whether the statement is true or false

[duy1981999]

Answer to Question 1

C

Answer to Question 2

TRUE

[yoooooman]

YES! Correct, THANKS for helping me on my review

[lcapri7]

Thanks for the timely response, appreciate it