This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Entry of new firms into a perfectly competitive market lowers the profits of the existing firms. ... (Read 189 times)

madam-professor

  • Hero Member
  • *****
  • Posts: 584
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?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

shoemake

  • Sr. Member
  • ****
  • Posts: 343
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

  • Hero Member
  • *****
  • Posts: 584
Reply #2 on: Jun 29, 2018
Thank you :)


shoemake

  • Sr. Member
  • ****
  • Posts: 343
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Did you know?

Cytomegalovirus affects nearly the same amount of newborns every year as Down syndrome.

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo
The NIOSH Pocket Guide entry for gasoline. Useful information includes health effects and chemical ... The NIOSH Pocket Guide entry for gasoline. Useful information includes health effects and chemical ...
Main Hall, Trajan's Market Main Hall, Trajan's Market
Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition
Time-of-entry mapping Time-of-entry mapping
Type of entry grade 1 Type of entry grade 1
Video: Role of the urinary system - acidosis and alkalosis

For a complete list of videos, visit our video library