The price-consumption curve:
a. connects the various combinations of two goods as a consumer's income changes.
b. connects the various combinations of two goods as the relative price of one good changes.
c. shows the quantity of a good consumed as a function on income.
d. All of the above are correct statements.
Question 2
Which of the following best explains the shape of the individual labor-supply curve?
a. The individual labor-supply curve is exactly like any supply curve, it always has a positive slope.
b. The individual labor-supply curve slopes downward at all wage rates because, as wages increase, people are able to buy more leisure.
c. The individual labor-supply curve slopes upward at lower wage rates and then bends back at higher wage rates.
d. The individual labor-supply curve must be vertical because each person can work only eight hours per day.
e. The individual labor-supply curve must be horizontal because labor markets are assumed to be perfectly competitive.
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Construct a Lorenz curve that shows income distribution in this society.