A profit-maximizing firm in a perfectly competitive market will always produce a quantity of output that:
a. minimizes the per-unit cost of production.
b. is expected to maximize total revenue.
c. maximizes the amount by which total revenue exceeds total cost.
d. brings average total cost and price into equality.
Question 2
The Gini co-efficient is the:
a. area between the Lorenz curve and the vertical axis divided by the area under the Lorenz curve.
b. area between the Lorenz curve and the horizontal axis divided by the area above the Lorenz curve.
c. area between the Lorenz curve and the line of perfect equality divided by the total area under the line of income equality.
d. area between the Lorenz curve and the line of perfect equality divided by the total area above the line of perfect equality.
e. area between the line of perfect equality and the horizontal axis divided by the area between the Lorenz curve and the horizontal axis.
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