The figure given below represents an imperfectly competitive resource market. Here common land (and not land used for specific purpose) is under consideration.Figure 18.1

-The horizontal and vertical axes of the Lorenz curve respectively measure:

Question

The figure given below represents an imperfectly competitive resource market. Here common land (and not land used for specific purpose) is under consideration.Figure 18.1
 
-The horizontal and vertical axes of the Lorenz curve respectively measure:

Quizplus · Accepted Answer

The Lorenz curve measures income inequality within a population, with the horizontal axis representing the cumulative percentage of the population and the vertical axis representing the cumulative percentage of total income. Therefore, the best choice is E, where the axes measure total population and total income as cumulative percentages.

The Figure Given Below Represents an Imperfectly Competitive Resource Market