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

-For an economy, the greater the value of the Gini co-efficient, _____.

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
 
-For an economy, the greater the value of the Gini co-efficient, _____.

Quizplus · Accepted Answer

The Gini coefficient is a measure of income inequality in an economy. A higher Gini coefficient indicates greater income inequality, which means that a smaller proportion of the population controls a greater share of the wealth. Therefore, option B is the correct choice.

The Figure Given Below Represents an Imperfectly Competitive Resource Market