1. If a market for a product has no environmental impacts, consumer surplus is:
A.the area above the demand curve and below the equilibrium price. B. the area under the demand curve and above the equilibrium price. C. the area above the supply curve and below the equilibrium price. D.the area below the supply curve and above the equilibrium price.
2. Which of the following is NOT a correct criticism of the Lorenz curve?
a. It refers to money income after taxes. b. It does not deal with differences in family size. c. It ignores the impact of age distribution on income distribution. d. It does not include payments in kind.