1 in the graph drawn above the diagonal line is the line of, Microeconomics

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1 in the graph drawn above the diagonal line is the line of

1. In the graph drawn above, the diagonal line is the line of equal distribution of income. The curves, L1 and L2 are Lorenz curves. (i) What is measured on the horizontal axis and what is measured on the vertical axis of the graph? (ii) Why is the diagonal regarded as the line of equal distribution of income? (iii) Which Lorenz curve represents greater economic inequality and why?

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