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 190 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?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

Aspirin may benefit 11 different cancers, including those of the colon, pancreas, lungs, prostate, breasts, and leukemia.

Did you know?

The tallest man ever known was Robert Wadlow, an American, who reached the height of 8 feet 11 inches. He died at age 26 years from an infection caused by the immense weight of his body (491 pounds) and the stress on his leg bones and muscles.

Did you know?

All patients with hyperparathyroidism will develop osteoporosis. The parathyroid glands maintain blood calcium within the normal range. All patients with this disease will continue to lose calcium from their bones every day, and there is no way to prevent the development of osteoporosis as a result.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Eye ball perfectly labelled (map) Eye ball perfectly labelled (map)
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 ...
Medical Hot Zone Entry Exclusion Criteria During Pre-Entry Check Medical Hot Zone Entry Exclusion Criteria During Pre-Entry Check
Stock Market Question Stock Market Question
Stock Market Tracks Growth in GDP Stock Market Tracks Growth in GDP
A car wash reduced the price of a basic wash as a promotion and test of the market. With the ... A car wash reduced the price of a basic wash as a promotion and test of the market. With the ...
Video: Male Reproductive System - Testosterone

For a complete list of videos, visit our video library